Posted By RichC on April 22, 2006
The subject is on everyone’s mind once again … Fuel prices. What are we doing about it and is it really a problem of our own making? As several east coast gas stations put the ‘Out of Gas’ signs back on their pumps, Americans are getting worked up once again over potential shortages and the higher price of oil. Crude has been hitting highs at over $70/barrel (over $75 today), but most analysts indicate our stockpiles and inventories are in good shape. “Its the uncertainly with Iran” one Future’s trader commented, “its not a matter of IF we go head to head with Iran over their nuclear program, its WHEN.” I suspect that fear in this case, mixed with a little greed, is what is triggering $3+ dollar gasoline and diesel.
I was reading an email today that got me thinking about oil prices. Perhaps I’ll make this a multi part post … the first taking a look at what world gasoline prices really are. Below are 15 cities around the world with far different burdens on their citizens. Some countries tax gasoline heavily, which boost their price per gallon and others (producer nations) offer their citizens cheap oil. How does one justify 12 cent per gallon gasoline???
Price in US Dollars:
Oslo, Norway – $6.62 London, England – $5.96 Rome, Italy – $5.80 Brussel, Belguim – $6.16 Kuwait – $0.78 Riyadh, Saudi Arabia – $0.91 Hong Kong – $6.25 Tokyo – $5.05 Sao Paulo, Brazil – $4.42 Buenos Aires, Argentina – $2.09 Mexico City, Mexico – $2.22 Sydney, Australia – $3.42 Johannesburg, South Africa – $3.39 New Delphi, India – $3.71 Caracas, Venezuela – $0.12 < === Huh?