Sharjah24 –AFP: Californians filling up their cars on Friday winced at the spiraling cost of gasoline, but largely shrugged as residents of the state that has long had the highest gas prices in the United States.
California drivers are paying an average of more than $5 for a gallon ($1.34 per liter), according to the American Automobile Association (AAA), up more than a third from a year ago, as Russia’s invasion of Ukraine sends world oil prices rocketing.
Russian President Vladimir Putin’s invasion of neighboring Ukraine has sent financial markets into meltdown.
Prices for crude oil — the raw material for gasoline — have been hit hard, and are up well above $110 a barrel, with players fretting regarding the impact on Russian supplies, as sanctions choke Moscow off from the global economy.
While all countries have access to the same gasoline, subsidies or taxes imposed locally mean the ultimate cost to consumers varies wildly.
For example, in oil-producing Nigeria, which subsidizes fuel, the official price is 40 US cents per liter.
In Hong Kong, drivers were already paying US$2.50 per liter in 2021, according to the Economist Intelligence Unit.
On average, Americans pay around $1 per liter, according to the AAA, and even California’s $1.34 per liter is well below the prices paid by Europeans.
California’s relatively high gas prices are the result of state taxes, as well as stricter refining rules that require specific fuel formulae intended to reduce air pollution in the hot summer months.
While many drivers have grumbled regarding seeing pump prices rise almost daily, some say they are prepared to put up with the extra cost because of the pictures of the war in Ukraine they are seeing on the news.
