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As countries worldwide lower their gas prices at the pump, Guyana is yet to join, even as the average price of gasoline around the world is US$2.09 per gallon. However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline.All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different. In some cases, like Venezuela, the government even subsidizes gasoline and therefore people there pay close to nothing to drive their cars.Government has a mechanism in place to adjust petroleum prices in a more timely fashion, whereby prices will be regulated under the Energy Ministry. This Ministry has the power to alter price changes in accordance with the imported price of petroleum products. In Guyana the government charges a 50 per cent excise tax.One of the primary reasons gas prices rise or fall is the fluctuation in the price of crude oil. U.S. refineries buy several million barrels of oil every day to supply the world’s biggest economy, so even small price changes make a big difference.When crude oil prices go up or down, gas prices tend to follow. And right now, oil prices are on the decline. Oil prices have been falling for several reasons, including the increased U.S. crude production and an outlook for weaker growth in global oil demand.Meanwhile,Cheap Adidas Shoes For Sale Online, the Organization of the Petroleum Exporting Countries (OPEC) decided toward the end of 2014 not to manipulate prices by restricting oil production. Overall, government energy forecasters expect crude prices to be significantly lower in 2015.