Sunday, January 2, 2011

The price of gasoline in Israel

Americans are again clenching their jaws and gritting their teeth as they pull into their local service station. Fuel prices are edging back up to $3 a gallon, and some are predicting the price could eventually reach as high as $5 a gallon over the next year or so.

We are all feeling the hit to our pocketbook, but let me put the price we pay for fuel in perspective. Israel just raised its price for gasoline by 6.5%. In Israel the price for self-serve is now 7.14 NIS (New Israeli Shekel) per liter.

I see those blank looks on your faces!

As Americans we think of gasoline in terms of gallons, not liters. And few know the exchange rate between the shekel and the dollar. So let me translate the cost someone in Israel pays for fuel into something more familiar to us. It takes 3.78541 liters to make one gallon. And one shekel is worth $.28.

Bottom line: Drivers in Israel are today paying $2 per liter--or $7.57 per gallon--every time they pull up to the pump! Yikes!

It almost makes $3-a-gallon gasoline seem like a bargain! Almost!

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