Sept. 11 (Bloomberg) -- The U.S. experienced the largest increase in pain at the gasoline pump among 61 countries ranked by Bloomberg, even as it’s still among the nations feeling the least burdened.
A gallon of regular gasoline cost Americans 2.6 percent of their daily income in July, 56th out of 61 nations, up from 2.5 percent in April, according to data compiled by Bloomberg. In India and Pakistan, which top the list, a gallon cost over 8 percent more than a worker’s daily wage. Venezuelans paid 0.1 percent of their incomes to buy a gallon, the least in the world, the data show.
The price of regular unleaded gasoline in the U.S., the world’s biggest oil consumer, was $3.66 a gallon in July, ranking it 50th in terms of prices, lower than China, where a gallon went for $4.67, and Japan, where it cost $5.90. The highest pump price was in Norway, where motorists paid $10.08, or about 3.5 percent of residents’ daily incomes. Turkish drivers paid $9.55, about 31 percent of their paychecks.
Motorists in Venezuela, a nation that subsidizes gasoline to cap prices, paid 4 cents a gallon.
The price list was created using data compiled by Bloomberg from sources including Associates for International Research Inc., Europe’s Energy Portal, the U.S. Energy Information Administration, the International Monetary Fund and the World Bank. Prices for the U.S. and European Union countries are from July 16. Prices for all other countries are from July 1-12.
Gasoline futures dropped 2.4 percent to $2.7357 a gallon yesterday on the New York Mercantile Exchange. Regular gasoline at the pump, averaged nationwide, fell 0.6 cent to $3.564 a gallon Sept. 9, according to Heathrow, Florida-based AAA, the largest U.S. motoring group.
Oil futures for October delivery sank $2.13, or 1.9 percent, to end at $107.39 a barrel yesterday on the Nymex. Prices settled at a two-year high of $110.53 on Sept. 6 on concern that tensions in the Middle East will disrupt oil exports.
--With assistance from Alex McIntyre in New York. Editors: David Marino, Margot Habiby