Global Gas Prices Plummet as Crude Oil Costs Hit Record Lows

Gas prices in the US have decreased compared to last year, but they are still higher than in most countries. Iran, Libya, and Venezuela have the cheapest gasoline due to their vast oil reserves, difficulties in exporting, and heavy government subsidies that keep fuel prices low for consumers. The price of crude oil, influenced by global supply and demand, geopolitical tensions, production disruptions, and OPEC decisions, is the primary factor affecting gas prices worldwide.