Israel ranked eleventh in the Bloomberg Gas Price Ranking, with fuel in the country costing $8.28 per gallon (3.9 liters) on average.
Israel is just below Turkey and Finland in the ranking, and above Hong Kong and Britain. Norway tops the rankings, with fuel in that country costing $9.79 per gallon. The US is in 51st place, with fuel there costing an average of $3.69 per gallon in the various states. With fuel costing just $0.04 per gallon, Venezuela is very much the cheapest among the 63 countries surveyed.
Bloomberg also ranks countries according to "pain at the pump", that is, the percentage of average daily income required to buy a gallon of fuel. On this ranking, Israel is 35th. Bloomberg calculates average daily income in the country at $104, of which 8% is required to buy one gallon of fuel.
The report shows many European countries such as Denmark, Belgium and the Netherlands maintain high taxes and low if any subsidies on gas consumption which has resulted in some of the highest fuel prices in the world.
The price of gas has not raised great concern as incomes remain high and alternative forms of transportation such as bicycling and public transportation are readily available and supported. In Norway, has the largest share of electric cars in the world despite its domestic production of natural gas. It instead uses the profits from gas exports to fund free university education and other public benefits.
However, countries with low wages and high unemployment such as Greece and Italy have felt the impact when filling up at the pump.
In Israel, the report sites gas prices as a central complaint in price-of-living demonstrations in recent years. Prime Minister Binyamin Netanyahu has responded with policies to cap the price of 95% octane gas.
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