Geopolitical tensions and supply chain issues have led to a sharp rise in fuel costs for some countries. Zutobi’s latest survey shows that Hong Kong, Monaco, and Iceland have the highest petrol prices in 2024. They pay $14.60, $10.42, and $10.28 per gallon respectively¹. This report highlights how fuel prices vary across over 170 countries, showing the tough energy situation globally.

Key Takeaways

• Hong Kong, Monaco, and Iceland have the most expensive gasoline prices in the world in 2024.
• The United States pays the least for gasoline among economically advanced countries¹.
• Gasoline taxes in the U.S. are low on a global scale, with only Mexico having lower fuel taxes among OECD countries¹.
• Factors like seasonal demand, trade conflicts, and supply chain disruptions impact global gas prices.
• Drivers can save money on gas by choosing fuel-efficient vehicles, combining errands, and maintaining their cars.

Introduction to Global Gas Prices

The global gas prices change often, influenced by many things². Zutobi’s report gives us the latest on fuel costs worldwide². Prices go up and down because of supply and demand, world events, natural disasters, and surprises like the pandemic².

Overview of Fuel Price Fluctuations

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Fuel prices differ across markets and regions³. In the U.S., gas prices are expected to fall from $3.51 in 2023 to $3.38 in 2024³. This means people will spend less on gas each year. But, prices can vary in different parts of the U.S., like the West Coast and Southeast, due to different production levels³.

Factors Influencing Gasoline Costs

Many things affect global gas prices⁴. Brent crude oil prices, a key indicator, are set to average $82 per barrel in 2024 and $79 in 2025⁴. OPEC+ will produce less oil than before the pandemic⁴. The U.S. will make less petroleum, but Guyana will produce more⁴. These changes, along with more electric cars, affect gas prices worldwide⁴.

“Gasoline prices are a constant source of concern for consumers, and understanding the underlying factors that drive these fluctuations is crucial for making informed decisions.”

The Most Expensive Gasoline in the World 2024

In 2024, Hong Kong, Monaco, and Iceland will have the highest gas prices. Hong Kong’s gas price is expected to hit $14.60 per gallon, more than double the world average⁵. Monaco and Iceland will follow closely, with prices of $10.42 and $10.28 per gallon, respectively⁵.

High taxes, limited oil production, and heavy reliance on imported oil drive these prices up⁶. Since the COVID-19 pandemic, crude oil prices have stayed high, making gasoline expensive⁶.

These high fuel prices affect the economy and daily life in these countries. Governments might need to act to ease the financial strain on people. They could also support a move to sustainable energy sources⁶.

Countries with the Lowest Gas Prices

The global oil and gas market is growing fast, expected to hit $8.67 trillion by 2027⁷. But not every country faces the same fuel price challenges. Some countries keep their gas prices very low, giving their people a big break in their daily lives.

Iran: $0.13 per Gallon of Petrol

Iran leads the way with petrol at just $0.13 per gallon⁷. This low price comes from its spot near major oil and refining centers in the Middle East. Plus, government subsidies help keep fuel affordable for Iranians.

Libya: $0.14 per Gallon of Petrol

Right after Iran is Libya, where petrol is only $0.14 per gallon⁷. Libya’s good location and big energy resources help it keep gas prices low.

In these countries, low gas prices worldwide stand out. They’re much lower than the global average of about $5.11 per gallon⁷. This makes a big difference in people’s lives, affecting their transport costs and overall economic health.

“The ability to access affordable gasoline is a privilege that not all countries can offer their citizens. These nations with the cheapest gas prices have found a way to buck the global trend, providing their people with a distinct advantage.”

Countries with the Highest Gas Prices

The average price of gasoline worldwide is about $5 per gallon⁸. But some countries have much higher prices. Hong Kong leads with a price of $14.60 per gallon of petrol⁹. Monaco and Iceland follow, with prices of $10.42 and $10.28 per gallon, respectively⁹.

High taxes, limited fuel production, and being far from fuel sources cause these prices. Iceland, for example, imports all its fuel. This makes it the third most expensive for both petrol and diesel⁹.

The global oil and gas market was worth $6.99 trillion in 2022 and is expected to hit $8.67 trillion by 2027⁸. Yet, countries with the highest gas prices face big challenges in getting and distributing fuel.

Gas Price Changes Across the Globe

The global fuel market has seen big changes in gas prices lately. A recent Zutobi report shows some countries have seen big jumps or drops in petrol costs¹⁰.

In Iran, gas prices dropped by 90% over five years¹⁰. Egypt saw more moderate drops in fuel costs¹⁰. These big price changes come from supply, demand, and government policies.

The U.S. is set to see lower gas and diesel prices in 2024 and 2025¹⁰. This is thanks to more refinery capacity and higher inventories. Also, diesel use in the U.S. is expected to go up in 2024 and 2025¹⁰.

New refineries in the Middle East, like in Kuwait, are boosting gasoline and diesel supply worldwide¹⁰. This should lead to lower diesel prices in the U.S. and other areas¹⁰.

But, predicting future gas and diesel prices is tricky. Many things can affect crude oil and retail fuel prices¹⁰.

The Zutobi report sheds light on how the global fuel market changes and what drives these changes¹⁰. As we move towards energy transition, knowing these trends helps consumers, policymakers, and industry players make better choices¹⁰.

U.S. Fuel Report: State-by-State Analysis

The US is dealing with changing gas prices. A recent LendingTree report shows prices have dropped by $1.47 per gallon since June 2022¹¹. As of July 19, 2024, the average gas price was $3.50 per gallon, which is 1.8% less than last year¹¹.

States with the Cheapest Gas

In the south, gas is the cheapest. Mississippi has the lowest price at $3.00 per gallon. Arkansas and Oklahoma are tied at $3.00, and Louisiana is also at $3.00¹¹.

States with the Most Expensive Gas

The West Coast has the highest gas prices. California leads with $4.84 per gallon. Hawaii and Washington are close behind at $4.92 and $4.35 per gallon, respectively¹¹. The West Coast’s average is $4.137 per gallon, much higher than the national average¹².

There are big price differences across the country. The Gulf Coast has the lowest average price at $3.047 per gallon. This shows how prices change due to supply, demand, and costs¹².

This analysis gives a detailed look at gas prices across the US. It helps consumers and policymakers understand the fuel market better¹¹¹².

Historic Gas Price Trends in America

The United States has seen big changes in gasoline prices over the last 20 years¹³. The highest price was $3.611 per gallon in April 2024, a bit lower than in 2023¹³. Prices have gone up and down, showing the country’s varied trends¹³.

At the state level, gas prices have changed a lot¹⁴. Utah, Arizona, and New Mexico saw big drops in prices, by 16.59%, 12.64%, and 11.25%, respectively, from 2023 to 2024¹⁴. On the other hand, Delaware, Maryland, and Virginia saw prices go up by 6.12%, 4.76%, and 0.36%, respectively, over the same time¹⁴.

These big changes in gas prices show how complex and changing the US gas price trends are. They highlight the big changes in gas prices across the country¹⁴.

How Far Can You Travel for $50?

Gas prices change a lot across the United States. Many drivers wonder: how far can I go with $50 worth of fuel? The answer depends on where you are. In 2023, the average fuel price per gallon was $3.60, dropping to $3.43 in 2024¹⁵. But prices vary a lot between states.

In Mississippi, with the lowest fuel prices, $50 can get you 17.12 gallons and 428.83 miles in a Ford F150 pickup truck¹⁶. But in California, with the highest prices, $50 only gets you 10.33 gallons, taking you 258.32 miles – almost 170 miles less¹⁵. This shows how big the difference is in what you can travel based on where you are.

The data shows how different states affect your gas mileage and how far you can go with $50. Knowing this can help drivers plan better, getting the most out of their fuel budget¹⁶.

Maps show the different places you can go in the United States with $50 of gas, depending on where you start¹⁷. Whether it’s a short trip or a long journey, fuel costs are key to planning your trip¹⁷.

“Each map demonstrates how far you can travel from major U.S. cities with just $50 of gas.”¹⁷

As gas prices change, knowing about fuel costs and how they affect your trip can help you plan better. This way, you can use your fuel budget wisely¹⁵¹⁶¹⁷.

Conclusion

Zutobi’s 2024 global gas price report gives us a deep look at fuel costs worldwide. It shows that Washington now has the highest average gasoline prices, at $4.825 per gallon¹⁸. This is more than $1 higher than at the start of the year. The rise is partly due to Washington’s cap-and-trade program, which aims to cut down on gas use. This program will also bring in $2.1 billion for climate resilience and clean energy¹⁸.

The report also looks at the global gas market. It says only 30 percent of gas used worldwide is traded across borders, while over 70 percent of oil is traded globally¹⁹. In 2016, nearly half of the world’s gas was priced by market rules, not oil prices. This change from before shows a big shift¹⁹. Yet, oil-linked pricing still makes up a big 49 percent of traded gas volumes¹⁹.

The United States is facing high gas prices, and this report offers key insights. It talks about the nation’s gas situation, like the record-high average price of $4.62 and the few public charging spots for electric cars²⁰. The Biden administration’s plan to increase fast-charging stations is important to watch. These trends will be key as the country moves to cleaner transport²⁰.

Source Links

1. Gas Prices Around the World – https://www.kiplinger.com/personal-finance/shopping/cars/604410/gas-prices-around-the-world
2. What Will Happen to Gas Prices in 2024? – https://finance.yahoo.com/news/happen-gas-prices-2024-160024641.html
3. Prices at pump could improve in 2024 – https://www.cbsnews.com/miami/news/prices-at-pump-could-improve-in-2024/
4. Short-Term Energy Outlook – U.S. Energy Information Administration (EIA) – https://www.eia.gov/outlooks/steo/report/BTL/2024/01-brentprice/article.php
5. Short-Term Energy Outlook – U.S. Energy Information Administration (EIA) – https://www.eia.gov/outlooks/steo/
6. Gas Prices Explained – https://www.api.org/oil-and-natural-gas/energy-primers/gas-prices-explained
7. 20 Countries with the Cheapest Gas Prices – https://finance.yahoo.com/news/20-countries-cheapest-gas-prices-065849499.html
8. 30 Countries with the Highest Gas Prices – https://finance.yahoo.com/news/30-countries-highest-gas-prices-143259388.html
9. Most Expensive Petrol in the World – World’s Highest Fuel and Diesel Price in the World – https://www.rhinocarhire.com/World-Fuel-Prices/Worlds-Most-Expensive-Fuel.aspx
10. EIA expects average U.S. gasoline and diesel prices to decrease in 2024 and 2025 – U.S. Energy Information Administration (EIA) – https://www.eia.gov/todayinenergy/detail.php?id=61243
11. US Gas Prices: See Where Your State Stacks Up | LendingTree – https://www.lendingtree.com/credit-cards/study/us-gas-prices/
12. Gasoline and Diesel Fuel Update – https://www.eia.gov/petroleum/gasdiesel/
13. U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon) – https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epmr_pte_nus_dpg&f=m
14. The 2024 Global Gas Prices Report [Countries & U.S. State-by-State Breakdown] – https://zutobi.com/us/driver-guides/the-zutobi-global-gas-index
15. Feeling the pain at the gas pump this year? Delawareans see highest gas price increase – https://www.delawareonline.com/story/news/2024/07/03/states-with-the-highest-gas-prices-increases-in-us-delaware-gas-price-crude-oil-gasoline-fuel-cars/74289594007/
16. States with the Highest and Lowest Gasoline Prices – New Report – https://zutobi.com/us/driver-guides/us-fuel-index-report
17. These maps show how far $50 of gas will get you – https://www.washingtonpost.com/news/wonk/wp/2016/02/08/how-far-50-of-gas-will-get-you/
18. We’re No. 2: Washington surpasses California for highest gasoline prices in the country – https://www.sandiegouniontribune.com/business/story/2023-06-20/were-no-2-washington-surpasses-california-for-highest-gasoline-prices-in-the-country/
19. Is Gas Global Yet? – https://www.csis.org/analysis/gas-global-yet
20. Opinion Gas prices are through the roof. That’s just how Biden wants it. – https://www.washingtonpost.com/opinions/2022/05/31/gas-prices-biden-approval-clean-energy/