I know that gas prices are hurting average Americans. But I wanted to provide some perspective by comparing our gas prices to other countries and also raise the question of US income levels compared to our gasoline price.
Out of 155 countries surveyed, the US ranks 108th in gasoline prices. That means that only 47 countries provide gas cheaper than the US. (From CNN.Money, May 6, 2008)
Most expensive places to buy gas
Rank Country Price/gal
1. Eritrea $9.58
2. Norway $8.73
3. United Kingdom $8.38
4. Netherlands $8.37
5. Monaco $8.31
6. Iceland $8.28
7. Belgium $8.22
8. France $8.07
9. Germany $7.86
10. Portugal $7.84
108. United States $3.45
The US ranks between the 5th and 8th richest country based on GDP per capita and purchasing power comparisons. From Wikipedia. This means that gas prices take up a smaller percentage of our income than in other countries.
I'm hoping that these high gas prices will drive innovation and help make everything more efficient...utilizing trains, light rail, home efficiencies, etc. As a recent Economist article stated, in terms of energy savings and investment, conservation provides the best return on our investment; it represents the 'low-hanging fruit' that can be reached with the least effort.
Also, thanks to Mayor Fahey of Omaha for working on getting a streetcar line in Omaha. This recent news item is especially encouraging. http://www.omaha.com/index.php?u_page=2798&u_sid=10324431
4 comments:
I've heard that our economy is less dependent on oil than it was during the spikes of the 70's/80's. I think it was measured in % of GDP spent on fuel.
Also heard that although our vehicle's mpgs haven't budged for 20-25 years, engine have become much more efficient. We just use that efficiency for power - muscle cars of yesteryear are ho-hum to today's SUVs. This could mean there is a lot of latent efficiency that could be better - for mpg instead of hp. I think more models are shutting off cylinders at cruising highway speeds. Should be more things like that.
this is so informative brent. thanks for this.
thanks for the perspective, it's awesome! i've heard good things about mayor fahey, i'm hopeful for omaha!
Slate agrees:
http://www.slate.com/id/2191491/?GT1=38001
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