For all the complaints about U.S. gasoline prices, Americans spent 63 percent less for a gallon in July than Norwegians did.
The U.S. ranked 49th of 60 countries, according to data compiled by Bloomberg, with premium gasoline at $3.75 a gallon July 23, compared with $10.12 in top-ranked Norway.
The U.S. price was behind Japan, China and India, a country where people made 2.9 percent of what Americans earn.
Drivers in America, the biggest oil-consuming country, spend an average of 2.8 percent of their daily income on a gallon of gasoline, 55th in the ranking. In India, a gallon of premium gasoline cost 37 percent more than what a worker earned in one day. In Norway, which has the second-highest income behind Luxembourg in the list, a gallon cost 3.7 percent of a day’s wages.
U.S. prices dropped 11 percent from three months earlier as domestic oil production reached a 13-year high. “One of the reasons that Americans are able to use so much gasoline is because it’s relatively cheap,” said Peter Schiff, chief executive at Euro Pacific Capital.
$3.75
Price of premium gasoline per gallon in the U.S. on July 23
$10.12
Price for premium gasoline in Norway
