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Global gas prices: These countries are facing more pain than the U.S.

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Yahoo Finance's Ines Ferré breaks down how U.S. gas prices stack up against fuel costs in other countries as drivers around the world are feeling the impacts from the energy markets.

Video Transcript

BRAD SMITH: And every American is feeling pain at the pump. But we actually may not know how good we have it compared to other places in the world. Yahoo Finance's Ines Ferre joins us now. All right, Ines, how good do we have it?

BRIAN SOZZI: Sell this one.

INES FERRE: Right, that's right. And this may be little consolation, of course, for consumers here in the US that are paying $5 a gallon for gasoline. But look, if you take a look at other places in the world, particularly Europe, you are seeing gasoline or petrol prices higher than here in the US. And part of it has to do with the tax system in Europe and have the taxes that you have on these-- on gasoline there in these European countries.

But look, Germany is paying north of $7 per gallon. Of course, they go by liters. But when you convert it to gallons in US dollars, these are the prices. France, Italy, Spain, UK is paying more than $8 a gallon. You've got Norway paying more than $10 a gallon. And Hong Kong is paying the most, more than $11 per gallon for gasoline. Europe has the issue of-- that's even worse than here in the US with this energy crisis, because they're also paying nosebleed prices for natural gas. And now Russia is tightening the screws on supplies into some European countries.

The feeling is, is that what analysts have told me is, is that as you see these energy prices high in other parts of the world, you may see other parts of the world first go into a recession if we are talking about recessions here before the US. And particularly, Europe, because of these really high energy prices.

BRIAN SOZZI: Well, if anything, Ines, I think that chart just reminded me, should we get some form of hurricane and that pressures oil, we might be seeing Norway-like prices here. But look, gas prices have come down a bit, though, recently.

INES FERRE: Yeah, they have. Here, in the US, we are seeing the national average for gasoline now at $5 per gallon. A couple of days ago, it was at $5.02 a gallon, so down $0.02. Some analysts are saying that in the next few days, you could see it come down even more, maybe slip around $0.05 or so in the next few days. And part of that has to do with gasoline futures that are lower.

But look, if you take a look at diesel, diesel prices are still at all-time highs. And as far as supply is concerned, diesel is the shortest supply of refined products around the world. And diesel is heavily used here in the US, in part-- in Europe, in Asia, all over the world. So you are still seeing very high prices for energy.

BRIAN SOZZI: I'll be right back. I'm going to fill my car, down $0.02. That's great. See you guys later. No, all right, Ines Ferre, thanks so much. That's not bad, though, $0.02.