There is a common misconception that some nations provide their citizens with free gas. Truthfully, no nation offers gasoline completely for free. In actuality, the cost of oil extraction, taxes, and government subsidies are frequently reflected in the price of fuel.
However, because of numerous aspects like oil reserves, domestic production, or governmental policies, some nations have cheaper gas costs than others. For instance, some of the nations with the most affordable gas prices worldwide include Venezuela, Iran, and Iraq. While a liter of gasoline costs almost 10 cents in Iran and Iraq, it is less than a penny in Venezuela.
The United Kingdom and Norway, two nations with significant tax burdens, have some of the most expensive petrol prices in the world. While the price of gasoline can range from $1.50 to $2 per liter in the UK, it can cost up to $2 per liter in Norway.
It’s interesting to note that several nations have experimented with alternate fuels and cut back on their use of gasoline. To reduce its reliance on imported oil, Iceland, for instance, has nearly totally transitioned to electric vehicles and hydrogen-powered buses.
Regarding the lowest gas prices ever recorded, they differ by nation and time frame. In the United States, the lowest gallon-based average gas price was $1.06 in 1998. However, because of government subsidies and domestic production, prices have remained low in other nations like Venezuela and Saudi Arabia.
As a result, the oil and gas sector is among the most lucrative industries in the world. The major businesses in this industry, like ExxonMobil, Royal Dutch Shell, and BP, bring in billions of dollars a year in revenue. It is important to remember that these businesses’ profitability is influenced by a number of variables, including oil prices, the cost of exploration, and environmental laws.
You should be aware that opening a gas station can be a successful business if you’re interested in doing so in the US. Gas stations make an average profit of 6 cents every gallon of gasoline sold, according to the National Association of Convenience Stores. However, this profit margin may change based on elements including location, rivalry, and operating expenses.
The price of an Exxon franchise varies according to the station’s location and dimensions. The overall investment might be anywhere between $200,000 and $1.5 million, with the average franchise fee falling between $10,000 and $100,000. It is vital to remember that having a franchise for a gas station necessitates a sizable financial commitment and operational expertise.
Despite the fact that no country offers gas for free, others have cheaper pricing for a variety of reasons. Owning a gas station franchise can be a successful business venture since the oil and gas sector continues to be one of the most lucrative industries in the world. Before investing in any firm, however, careful planning and study are required as profitability depends on a number of variables.