But, relative to the other countries, fuel prices in US are low

As a follow up to yesterday's article on US fuel prices, one must bring our prices in to perspective.  Gas prices paid in many other countries are much higher than we are accustom to.  Our neighbors to the north, in Toronto are paying an average of $4.96 for regular gas according to AIRINC, a Cambridge, MA based consulting group. 

In most parts of Europe, gas prices per gallon paid are over $8.00 per gallon reports AIRINC.  But in some oil rich producing countries, government subsidies have left prices for gas below $1.00 for regualar grade.

Everyone agrees predicting where gas prices will go in the coming months is a crap shoot at best.  In 2008 when prices hit the highest levels in the summer, they quickly fell to under $2.00 a gallon by year end.

Hopefully the same thing will happen in the coming months and we can avoid higher prices for the summer!