Mint.com tracked how much its users spend on gasoline in one month, and how many times they visit the pump in the same period across the United States.
On average, Americans spend $177 on gas in single month, making an average of 6 visits to the pump, and spending an average of $32 in each transaction.
San Jose (California) stands out as the city where Mint users spend the most on gas, an average of $216 in a single month. Other cities where Mint users spend a lot on gas include Birmingham (Alabama), Jacksonville (Florida), Phoenix (Arizona), and Charlotte (North Carolina) to name a few. In contrast, in cities like New York, Brooklyn (New York), and Washington D.C., which have a good public transportation system, the gas bill is between $102 and $112 per month.
Oil reserves are the amount of oil that can be technically and economically recovered from the ground.
Nations with the world’s largest oil reserves include Saudi Arabia, Venezuela, Iran, Iraq, Kuwait, United Arab Emirates, Russia, and Libya. Saudi Arabia, holds an approximate 234.5 billion barrels of oil reserves, and it has the largest market share for oil production after Russia. Saudi Arabia is followed by Venezuela, with an estimated 211.0 billion barrels of oil reserves, although its current oil production market share is only 3.2%.
By comparison, the United States has an estimated 30.9 billion barrels in oil reserves, and 8.7% market share in oil production.
Fossil fuel subsidies are very common in developing nations. Subsidies cover the difference between the price at which fossil fuels are sold inside the country and their actual price in international markets, creating a huge fiscal burden (an estimated $400 billion annually) for the countries that provide them. Developing nations with fossil fuel subsidies include: Venezuela, Argentina, Ecuador, Algeria, Libya, Egypt, Kuwait, Iran, Pakistan, Russia, China, India, Indonesia, etc.
Developed nations also provide subsidies in the form of tax breaks to the oil industry and other measures (estimated at a cost of $45 to $75 billion per year). Nations in this group include many OECD (Organization for Economic Co-operation and Development) members.
Energy Production for Select African Countries (1960-2010)
The discovery of resources in developing countries has usually been more of a curse than a blessing for their economies, benefiting certain groups but not most of the population. Will this be the case for some African countries where resources have been recently discovered? Read more below:
Energy Production of Select African Countries [IndexMundi]