Fuel costs less in US
than Dubai, Abu Dhabi
Drivers in the U.S. oil hub of Houston can fill
their tanks for less than the cost in Abu Dhabi and Dubai for the first time
since 2008 as falling crude prices push Middle East exporters to cut government
fuel subsidies.
The price of the cheapest grade in the United
Arab Emirates, of which Abu Dhabi is the capital, is 1.51 dirhams per liter
($1.55 a gallon) for January, according to the country’s Ministry of
Energy. That compares with $1.32 a gallon for the lowest regular fuel in
Houston, data compiled by GasBuddy.com show. Houston drivers haven’t paid less
on average than Abu Dhabi pump prices since 2008, according to the data. Dubai
is the second-largest emirate in the U.A.E. which has the same fuel prices
nationwide.
Benchmark Brent crude prices have dropped 16
percent this year after declining in each of the past three years. That’s
cutting pump prices for drivers across the U.S., while having the opposite
effect in Persian Gulf countries, which supply about a fifth of the world’s
oil. Saudi Arabia, the U.A.E., Qatar, Oman and Bahrain have reduced or
eliminated fuel subsidies over the past six months.
The U.A.E. pumped 2.94 million barrels a
day last month, according to data compiled by Bloomberg. Texas produced 3.5
million barrels a day in October, according to the latest available data from
the U.S. Energy Information Administration.-Bloomberg
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