As the Eurozone tries to cope with recession, the retail gasoline prices are adding insult to injury. The chart below shows the average gasoline price at the pump across Europe (in EUR/ 1000 Liters.) We are at a multi-year high with €1.63 per liter for the EU and €1.67 per liter for just the Eurozone. As a comparison, this corresponds to about $8.35 per gallon (vs. $4.02 in the US).
|Source: European Oil Bulletin (EC), Bloomberg|