In the 12 months leading up to February 2012, gas prices in Italy increased by more than 18%, partially because of Italy's decision to raise gas taxes by 24%. In the United States, the increase in gas prices was more modest, only 12%. France, on the other hand, experienced a decrease in gas prices between February 2011 and February 2012.
More about gas prices:
- February 2012 gas prices were $9.77 US Dollars (USD) per gallon (3.79 liters) in Norway, $5.26 USD in Canada and $3.52 USD in the US.
- The cost of gas in Italy seems to have affected its automobile industry. After high taxes on gas were introduced in December 2011, car sales dropped 18% over the next two months.
- In 2012, 62% of the cost of gasoline in the United States was based on the cost of crude oil. Other factors that contribute to the price of gasoline are taxes, the cost of refining, marketing expenses and distribution costs.
More Info: www.economist.com
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