From Jalopnik · Chloe Clougher · · 50s
Countries with Gas Under $2 Per Gallon
8 countries pay less than $2 for gas per gallon, including Libya at $0.088.
In brief
8 countries pay less than $2 for gas per gallon, including Libya at $0.088. Libya, Iran, and Venezuela offer gas under $2 per gallon due to subsidies and oil reserves. Originally reported by Jalopnik.
Gas Prices Under $2
Eight countries pay less than $2 per gallon for gas, including Libya at $0.088.
Subsidies Drive Low Prices
Libya spends $7 billion yearly on fuel subsidies, while Iran offers $0.047 per gallon for first 15 gallons.
Oil Reserves Help Prices
Iran holds nearly 25% of Middle East oil reserves, Kuwait has 6% of global reserves, and Venezuela has the world's largest.
Cheap Gas Linked to Chaos
Up to 30% of Libya's subsidized gas is smuggled out, and Iran's 2019 price hikes caused over 300 deaths.
The big picture
Libya, Iran, and Venezuela offer gas under $2 per gallon due to subsidies and oil reserves.
