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June 20, 2006

If you think gas is high here!

We have seen the $3 signs at our local gas stations, but what are drivers in foreign countries paying? Economist Mike Walden takes a look at gas prices in other nations.

"Well, they are seeing a lot higher in some countries," says Dr. Walden, a professor in N.C. State University's College of Agriculture and Life Sciences.

"And let me just give you a rundown here, and maybe it will make you feel better when you fill up your tank next:

* If you lived in Turkey, you’d be spending $7 a gallon for gasoline. …
* And the United Kingdom, $6 a gallon.
* Japan, $4.50.

"Now most of the reason for those higher gas prices is much higher gas taxes.

"On the other hand, there are many countries in the world where gas is a lot cheaper," Walden adds. "If you go to places like Venezuela, Saudi Arabia, Russia and China, gas there is all under $2 a gallon.

"Now for the first three -– Venezuela, Saudi Arabia and Russia –- the reason is they are major oil producers. They have a lot of oil.

"China doesn’t have a lot of oil, but they have regulated prices. They are keeping their prices low, but guess what? They have also seen shortages."

Posted by deeshore at June 20, 2006 08:00 AM