By Micah Halpern
I've Been Thinking:
Saudi Arabia is raising its price of gasoline. The price of 95 Octane gas was originally .50 cents a liter and 91 Octane gas was .37 cent per liter. The new price is .56 cents and .38 cents.
There are 3.78 liters per liquid gallon -- that means the price per gallon in Saudi Arabia is $2.11 for 95 Octane and $1.43 for 91 Octane.
The Saudis say that the price of oil is determined by world market price of oil per barrel. Since the cost of oil has hit $70 per barrel they claim that the internal price of oil had to reflect that increase.
There has always been a myth that the price of gasoline in Saudi Arabia was nearly free -- almost like the price of water. That is simply incorrect. The Saudis are the largest producer of oil in the world and the 3rd largest exporter.
All this is true but gasoline still costs money.
Micah@MicahHalpern.com
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