Americans are facing record-breaking gas prices when they go to the pump, but prices remain below the global average.
Americans are experiencing higher gas prices across the country. After a couple of years of lockdowns, Americans are traveling more than they have for the last three years. But with high gas prices, and in return, high inflation, traveling is cutting into Americans’ pockets.
Gas prices across the world have risen to new heights with the global economy picking up after a long 2-year slumber. Trade has picked up (global trade reached a record high of $32 trillion in 2022) and with that more ships, planes, and trucks are consuming gas, driving the price higher. Russia’s invasion of Ukraine could not have come at a worse time. The world has condemned the attack on the free nation and in response to Putin's attack, has stopped importing Russian gas, which makes up 12 percent of the world’s oil. Across the globe, people are seeing high gas prices. Here are the top 9 prices per gallon by country:
Most expensive gas price/gallon, for May 2023
Hong Kong: $13.40
Norway: $10.57
Iceland: $10.31
Greece: $10.23
Denmark: $10.14
Monaco: $9.97
Central African Republic: $9.80
Israel: $9.66
Belgium: $9.27
France: $9.26
Global Average: $3.89
United States: $3.82