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12 cents a gallon gas, and worries about the cost
Big oil-producing nations consider raising prices on their residents
updated 2:16 p.m. ET April 5, 2009
"One day, prices will need to be adjusted," Venezuelan President Hugo Chavez warned a population used to 12 cents a gallon. "We're practically giving away gasoline."
CARACAS, Venezuela - Venezuela has the planet's cheapest gasoline: At 12 cents a gallon (3 cents a liter), it costs about 30 times less than bottled water.
But falling oil income and sagging crude output could soon mean a pinch at the pump in oil producing countries like Venezuela, where hefty government subsidies have for decades guaranteed cheap fuel.
Iran is already cutting back, while Venezuelan President Hugo Chavez has revived talk of a price hike for the first time in 12 years — a politically unpopular move that two decades ago sparked deadly riots in Caracas.
Big oil-producing nations consider raising prices on their residents
updated 2:16 p.m. ET April 5, 2009
"One day, prices will need to be adjusted," Venezuelan President Hugo Chavez warned a population used to 12 cents a gallon. "We're practically giving away gasoline."
CARACAS, Venezuela - Venezuela has the planet's cheapest gasoline: At 12 cents a gallon (3 cents a liter), it costs about 30 times less than bottled water.
But falling oil income and sagging crude output could soon mean a pinch at the pump in oil producing countries like Venezuela, where hefty government subsidies have for decades guaranteed cheap fuel.
Iran is already cutting back, while Venezuelan President Hugo Chavez has revived talk of a price hike for the first time in 12 years — a politically unpopular move that two decades ago sparked deadly riots in Caracas.
