MONEY TALKS Gas Prices Around the World

Gasing up isn't cheap: we're paying about 25 cents a gallon higher than last year.

But more than $1 dollar a gallon lower than two years ago, when we were paying close to $4 bucks a gallon.

But imagine paying $10 bucks a gallon. It's reality in the place with the highest gas prices in the world. Can you guess where it is?

If you guessed Europe, you're wrong.

According to the Oil Price Information Service, that distinction goes to the African nation of Asmara, Eritrea, where a gallon of gas costs the equivalent of $9.60 dollars.

That means to fill up a car that holds 20 gallons would cost 200 bucks: That's almost a car payment!

The second highest in the world goes to Oslo, Norway..where it's $7.40 a gallon.

If you want the cheapest gas in the world, get ready to move south to Caracas, Venezuela. Price for a gallon here? 6 cents.

So filling that same 20 gallon tank in Caracas would cost you only a little over a buck!

How can gas prices differ so much all over the world?

Two reasons: the first, because producing countries can typically offer it for less.

Second, because of taxes and subsidies.

By the way, the guy I talked to over at the Oil Price Information Service had some good news.

He said that If the economy remains sluggish, that after hurricane season... we could see prices drop. Maybe by as much as 50 cents a gallon.

If you're feeling bad about the high price of gas, check out prices around the world. They're right here at