How much does filling your vehicle cost you?
According to the report published by Bloomberg, the average driver in the United States uses 431.74 gallons of gas a year, which eats up 1.79% of the typical salary. While in Mexico, the numbers are a little higher, that is, 3.96% of one’s salary. With an average income of $171.28 USD, it takes 1.52% of one’s income to afford a gallon of gas. In countries like India and Pakistan, the price of one gallon of gas equals the average daily income of a worker. The Statistics Portal reveals that the city with highest cost per liter of gas is Hong Kong. So what determines these variations in price?
SUPPLY AND DEMAND
Minor changes in crude oil prices bring about a change in gasoline and diesel prices. The demand and supply for crude oil worldwide determines the changes in the gas prices. According to the Energy Information Administration, about 57% of the cost of supplying gasoline to consumers comes from the price of the crude oil. Increasing demand for gasoline in the United States and the rest of the world can put pressure on available supplies. Decreased supply of gasoline gives rise to increase in its prices. A disruption in the crude oil supplies, refinery operations, or gasoline pipeline deliveries can change the gasoline prices immediately. Several seasonal changes in demand also cause a fluctuation in gasoline prices.
Gas price over time
According to the U.S Bureau of Labor Statistic, prices for gasoline in 2018 were 13.28% lower than what it was in 2008. As on 18th Feb, 2019, the average gas price around the world was recorded to be $1.09 USD per liter. Keeping in mind, the fluctuating gas prices, it can be inferred that owing a vehicle is no more expensive but running it can be.
Gas price today is
National average gas prices
|Regular gas||Premium gas|
|Week Ago Avg.||$2.500||$3.081|
|Month Ago Avg.||$2.389||$2.981|
3 So where to get free gas?