Gas Prices Around the World

2022 has seen the cost of living crisis impact citizens all over the world, with 25% of the public currently struggling to manage financially, according to a recent survey from Ipsos. Inflation, energy bills, and food have all seen significant price increases – but perhaps most notable globally are the rise in gas prices around the world. Here, MoneyTransfers.com takes a deep dive into the current cost of gasoline globally.

2022 sees gas prices rocket

As the world emerges from the COVID-19 pandemic, 2022 has seen global gas prices increase tremendously. Typically, higher-income countries are experiencing higher gas prices, while poorer countries and countries that produce oil are still selling gas at lower prices. 

The US, however, tends to be the exception to this trend due to the lower taxation rates on gas compared to other similar-income nations. Even so, in the US gasoline prices are currently 70% greater than this time last year, with a national average of $4.34. That means that the current cost of gas in the US is at an all-time high, surpassing even the previous record set in the Great Recession of 2008. 

Of course, gas prices within the US vary on a state level. California currently has the most expensive gas in the US at $6.05 a gallon, while Missouri has the lowest gas prices still at $4.10, according to the AAA.

The increase in world gas prices is also noticeable in Europe. Gas prices in Europe tend to be amongst the highest in the world due to higher taxes, and as of May 2022 the vast majority of Western Europe is paying upwards of $6.00 per gallon of gas, with Germany hit hardest.