A gallon of gas is still cheaper than $2 in these 8 countries

Gasoline prices in the U.S. have been on the rise over the past month, going from $2.34 per gallon to $2.62 per gallon according to AAA, due in part to the impact of Hurricane Harvey on the country's oil refining hub as well as higher oil prices. However, while there's a temptation to grumble about these higher prices, all things considered, we have it pretty good here in the states.According to the most recent data, America has the 11thcheapest gas in the world, and the third most affordable when measured as a percentage of the average daily wage. Driving down our gas prices is sufficient refining capacity and logistics infrastructure as well as lower gasoline taxes compared to other nations.That said, several countries do have us beat, including eight where gas is still less than $2 per gallon. Here's a brief look at how those nations can keep their gas prices so low.SEE ALSO:An oil boom is coming sooner than you think8. United Arab EmiratesCost per gallon: $1.91The United Arab Emirates, UAE, was the world's eighth largest oil producer last year, pumping out an average of 3 million barrels per day. The Persian Gulf country and OPEC memberrelies heavily on oil to fuel its economy, with crude accounting for 40% of its GDP last year. However, while having access to the cheap oil found in the Arabian Peninsula helps keep gas prices low, an even more important factor is that it uses a portion of its oil money to subsidize gasoline and make it even cheaper. While the country has adjusted its pricing policy over the years to better reflect market rates, the additional government support enables the UAE to keep gas below $2 per gallon.7. NigeriaCost per gallon: $1.76Nigeria's oil output has ebbed and flowed over the years due to turmoil from rebel groups. That said, the African nation and OPEC member produced 1.4 million barrels per day last year -- the thirteenth highest in the world -- which accounted for 35% of its GDP. Meanwhile, oil fuels 75% of the federal government's budget, a portion of which it uses to subsidize gasoline prices.6. MalaysiaCost per gallon:$1.68The southeast Asian nation of Malaysia is one of two non-OPEC members on this list. Further, while the country does produce oil, it ranked just 25th last year at 661,240 barrels per day. Instead, the primary driver of its lower gas prices is that the Malaysian government uses subsidiaries and price controls to keep the prices of many essential items low, including oil. While Malaysia has been reforming its subsidy system over the years, including ending all fuel subsidiaries at the end of 2014 by switching to a managed float system based on market prices, the new system still keeps gas low because of the weaker oil prices.See the rest of the story at Business Insider
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