In Venezuela, the price of gas is around 10 cents to 20 cents per gallon, making the South American country the place with the cheapest gasoline.
Futures magazine reported that the price of gas in Venezuela was at 10 cents as of late June.
“That gas price above is not a typo. Thanks to government subsidies put in place by the late President Hugo Chavez, gas prices have been frozen for nearly 15 years. The policy made Chavez extremely popular in Venezuela, but could collapse the country’s economy in the wake of his death,” the magazine wrote.
It added that while Venezuela is a major oil exporter, inflation will bite the country down the road. “Though the country is a major oil exporter, the high spending rate of the Chavez regime left it strapped for cash. The price for a gallon of gas in Venezuela is a textbook,” it reads.
Saudi Arabia, Kuwait, Egypt, and Iran round out the top five in terms of cheapest gasoline.
The magazine also said that while U.S. residents have been feeling pressure at the pump in recent days, Turkish drivers have to pay nearly $10 per gallon at $9.89.
According to MSN, Norwegians pay around $9.63 per gallon and U.K. drivers also have to pay around $8.06 per gallon.
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