A look at gas prices around the world
U.S. News & World Report: Jonathan Ernest, assistant professor at Weatherhead School of Management, noted several explanations for rock-bottom gas prices in some countries, while other nations pay much more at the pump. “Overall it’s based on forces of supply and demand,” Ernest said. “And most of these countries are in the Middle East where there is a lot of supply and not much demand. They also don’t have a lot of extra costs with taxes, and don’t have to transport oil because it’s coming out of the ground.”