Throughout the parts of Finland I saw last week, gasoline was between 1.35 and 1.40 euros/litre. By current exchange rates, that's $6.50 per gallon. Asking around during the conference I was at, that price is fairly typical for other parts of Europe. In the U.K. it's moving higher. On my transfer at Heathrow I saw several newspapers with headlines about petrol hitting 5 pounds per gallon. That's $9/gallon. Average in the U.S. is currently $2.78, with a new higher price expected in tomorrow's weekly report.

Here is a comparison of average prices in many countries. Though dated, I've seen earlier versions of the same comparison, and the rankings--in particular the U.S. relative ranking--are fairly stable.

Overall, we have it pretty good here in the U.S. But today we have this from our government:

"Bush aims to boost ratings and halt gas price rise"

WASHINGTON (Reuters) -
President George W. Bush, trying to stave off a potential election-year problem for fellow Republicans, has asked the government to look into spiking gas prices and if Americans are being treated fairly.

With oil prices hitting record highs and gas at the pump topping $3 a gallon in some places, Democrats hoping to win control of Congress in November have used the issue to slam White House energy policy and Republicans' ties to big oil companies.

[...]

In a move that has not been previously announced, Bush will say that in recent days he asked the Departments of Energy and Justice to look into possible cheating or illegal manipulation of gasoline markets.

Attorney General Alberto Gonzales and the Federal Trade Commission (FTC) would be sending letters on Tuesday to all 50 states "to remind them to stay on top of this," McClellan said.

GOVERNMENT RESPONSIBILITY

"It's important to make sure that there's not any price gouging," he said. "The federal government has a responsibility to act."

Republican leaders in Congress, worried that high fuel costs will turn voters against them, urged the Bush administration to investigate.

"Anyone who is trying to take advantage of this situation while American families are forced into making tough choices over whether to fill up their cars or severely cut back their budgets should be investigated and prosecuted," Senate Majority Leader Bill Frist and House Speaker Dennis Hastert wrote in a letter to Bush on Monday.

Full story here.

This blog has a history of debunking price gouging arguments (including my favorite).