Venezuela's Gas Prices: 10 Cents a Gallon; Turkey's About $10 Each

Friday, 05 Jul 2013 02:04 PM

By Clyde Hughes

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Venezuela's gas prices, at just 10 cents per gallon, may be the envy of drivers outside of the South American country, but citizens might not have the low prices for long.

Drivers pay between 10 and 20 cents per gallon because of government subsidies, which have affected prices for the past 15 years. 

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"Thanks to government subsidies put in place by the late President Hugo Chavez, gas prices have been frozen for nearly 15 years," wrote Phil Flynn, of Future magazine. "The policy made Chavez extremely popular in Venezuela, but could collapse the country's economy in the wake of his death."

Subsidizing gas could change very soon, since Chavez is now dead and the country has a weak economy.

"The harsh realities of inflation will at last come to affect Venezuelan gas prices, and though the country is a major oil exporter, the high spending rate of the Chavez regime left it strapped for cash," Flynn wrote.

Some Middle Eastern countries also have cheap gasoline. Saudi Arabians fill up their vehicles at 45 cents per gallon, and Kuwait motorists pay 81 cents a gallon. Egypt and Iran have $1.14 and $2.15 per gallon, respectively, according to MSN Auto.
 

Meanwhile, some European countries pay an arm and a leg for gasoline. Turkey drivers shell out a whopping $9.89 per gallon, according to Future.

"Even before the onset of recent turmoil in the country, Turkey's fuel prices were punitive," Flynn wrote. "The reason? A good chunk of the population pays no taxes at all, so increasing the fuel tax has become a way for the Turkish government to make up its budget deficit gap."

Drivers in the United Kingdom pay $8.06 per gallon at the pump.

"For Americans, the United Kingdom has always been the go-to example for how things could always be worse when it comes to the cost of gas," Flynn said. "This is the case now more than ever. Rising crude oil prices and higher fuel taxes have contributed to a surge in gas prices in the U.K. over the past decade."

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