Exactly one week ago oil quotations were showing their maximum values. A barrel of West Texas Intermediate (WTI) took the price to $130 and North Sea Brent was as high as $139.
Statista did an infographic slice of the ratio of gasoline costs to wages.
Europe and the U.S.
Greek residents would have had to pay about 6 percent of their average monthly wage for a full tank of 95 last Monday. This is the highest of any OECD (Organization for Economic Cooperation and Development) country.
As the chart shows, even with last week’s record price highs per gallon in the U.S., Americans still rank last in terms of the average monthly wage share needed to fill up a full tank.
Re: “Gasoline in the U.S. updated price highs amid a ban on petroleum product imports from Russia”
According to combined data from the OECD and GlobalPetrolPrices.com, U.S. motorists paid an average of 1.2% of their average monthly wage for 16 gallons of gasoline. In contrast, their neighbor to the north, Canada, falls into this cross-section with 1.9% and Mexico with 4.8%.
This disparity can be explained in part by the levels of wealth and labor markets in the respective countries, as well as the ability to produce fuel themselves, as in the case of Canada and the United States.
So while Danish residents paid an average of $2.4 per liter of 95-gallon gasoline on March 7, and a full tank would represent about 3% of an average monthly wage of about $4900, Greek motorists would have to pay $2.1 per liter on an average monthly income of $2267.
Infographic for the week-long anniversary of record oil prices
Proportion of average monthly wage needed to fill up 60 liters/16 gallons of 95 octane gasoline for Europe and America. The infographic is clickable – click on the picture to enlarge.
Well, what about Mother Russia?
According to official data from Rosstat on February 9, 2022, the latest calculations for November 2021 on the average wage is 55639 rubles. And the cost of AI-95 – 52.89 rubles per liter according to Yandex.
It turns out that the Russian citizen buying 60 liters of gasoline will spend 5.7% of his salary.
P.S. I understand that someone will disagree with the data Rosstat. But the Statista calculations involve the figures of official bodies, so we have calculated according to the same principle. In the same America, for example, gasoline prices in California were over $7 a gallon, and Statista comments in the extended version of this piece about the increase above $4. So everyone has a sniffle – Statistics is a mysterious thing.
