Even With Soaring Prices, U.S. Gas Is Still Cheap

<p>With gas averaging $3.45 a gallon, the U.S. still only ranks as the 110th most expensive place to buy gas -- out of 155 countries.</p>
May 1, 2008, 11am PDT | Christian Madera | @cpmadera
Share Tweet LinkedIn Email Comments

"Despite daily headlines bemoaning record gas prices, the U.S. is actually one of the cheaper places to fill up in the world.

Out of 155 countries surveyed, U.S. gas prices were the 45th cheapest, according to a recent study from AIRINC, a research firm that tracks cost of living data.

The difference is staggering. As of late March, U.S. gas prices averaged $3.45 a gallon. That compares to over $8 a gallon across much of Europe, $12.03 in Aruba and $18.42 in Sierra Leone.

The U.S. has always fought to keep gas prices low, and the current debate among presidential candidates on how to keep them that way has been fierce.

But those cheap gas prices - which Americans have gotten used to - mean they feel price spikes like the ones we're experiencing now more acutely than citizens from other nations which have had historically more expensive fuel.

Cheap gas prices have also lulled Americans into a cycle of buying bigger cars and bigger houses further away from their work - leaving them more exposed to rising prices, some experts say."

Full Story:
Published on Thursday, May 1, 2008 in CNN Money
Share Tweet LinkedIn Email