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Adding Insult To Injury, Greek Gas Prices Are Now The Highest In Europe

Tyler Durden's picture


Just because being officially the first broke Eurozone country, having 50%+ youth unemployment, and a collapsing economy is not enough, adding absolutely insult to injury is the following chart from Reuters, which shows that compared to other European economies, Greece now has the highest gas price in the old continent. And indicatively while America complains over what is now the highest gas prices in 2012 per AAA, at $3.80 average for a gallon of regular, 30 cents higher than a month ago, and 35 cents higher compared to a year earlier, gas in Greece now sells for over $9.00/gallon. But at least the IMF's worst case projects that Greek economy will be flat in 2013. And that's the "worst case scenario." But at least Europe sure taught Iran a lesson by halting crude imports. Oh yes, that Iran just happened to be one of the biggest suppliers to Greece - oh well. At least Greece still gets to proudly say it is a European colony, everything else be damned. 


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Mon, 03/12/2012 - 12:30 | 2247492 Peter Pan
Peter Pan's picture

Higher taxes in order to meet the German requirement for more revenue.

Mon, 03/12/2012 - 12:22 | 2247470 bugs_
bugs_'s picture


Mon, 03/12/2012 - 12:29 | 2247486 Peter Pan
Peter Pan's picture

Well what do you expect the government to do when hundreds of thousands of people have handed in their number plates and stopped driving their cars. Smart government makes the remaining drivers pay for the short fall until they too hand in their number plates.

Mon, 03/12/2012 - 12:34 | 2247509 greecerules
greecerules's picture

correct.  right now its all about surviving.  whatever it takes.

Mon, 03/12/2012 - 12:29 | 2247490 jmcadg
jmcadg's picture

In UK I pay £1.449 per litre of diesel.

Nearly £0.92 is Government tax.

Total cost is equivalent to $8.10 a gallon

They are looking to take it to £1.479 in a month.

New cost $8.75


Mon, 03/12/2012 - 12:35 | 2247514 Bam_Man
Bam_Man's picture

Fake prices denominated in a fake/manipulated currency means the "law of supply & demand" can be temporarily suspended. At least for now, before Governments and their Central Bank enablers have completely exhausted what is left of their credibility.

Mon, 03/12/2012 - 12:36 | 2247519 ddtuttle
ddtuttle's picture

Hate to tell you guys, but Turkey is half in Europe and thier gas is over $12.00/gal.  Some of the worst traffic jams I've ever seen are in Instanbul.  So the prize goes to them for now.  Unbelievable that Americans complain about gas prices ... 

Mon, 03/12/2012 - 12:36 | 2247521 pleseus
pleseus's picture

I thought Greece was going to end in a deflationary collapse. Maybe money printing does cause inflation

Mon, 03/12/2012 - 12:46 | 2247561 carbonmutant
carbonmutant's picture

Well the Finns have a solution for this.

Some assembly required...


Mon, 03/12/2012 - 12:55 | 2247596 Joebloinvestor
Joebloinvestor's picture

Probably because the suppliers all have to pay cash upfront.

If I was selling gas to Greece I would extend NO CREDIT at all.

Greece should be the poster child for failure and lying politicians.

Mon, 03/12/2012 - 12:56 | 2247601 mombers
mombers's picture

Who would want to sell petrol to a Greek garage? You'd want upfront payment before the tanker crossed the border as the country could leave the euro at any time and then you have a credito with no hard currency. Not a surprise that prices have risen a lot.

Mon, 03/12/2012 - 13:03 | 2247624 flyingpigg
flyingpigg's picture

It's time for the Greeks to start producing biofuel out of olive oil. There should be plenty of it because I've seen a dozen interviews already with jobless Greeks who planned to grow olives for a living.

Mon, 03/12/2012 - 13:04 | 2247627 Martel
Martel's picture

Eurozone's highest gas price, the lowest retirement age, the highest military expenditure per capita... The Hellenic Republic is truly a country of wonders.

Mon, 03/12/2012 - 13:09 | 2247648 q1w2reader
q1w2reader's picture

160.9 cents on petrol is Ireland, sucks.

Mon, 03/12/2012 - 13:29 | 2247708 bobola
bobola's picture

I commuted to work on my bike 5 days last week and 5 days the week before.

Am averaging 4-5 bike commutes per week for the past year.

Rode the bike to work again today.

Join the Bike Liberation Army.

Free yourself from high gas prices....... 

Mon, 03/12/2012 - 13:42 | 2247752 e92335i08
e92335i08's picture

I think it could be a great time to buy some longer dated puts on OIL, Obama is gonna try and get the price of oil down if he doesn't its political suicide. If nothing in the middle east rises rapidly, demand is falling for gasoline and Obama may release SPR and probably the Keystone pipeline deal in mid summer to get gas prices down.

Im thinking short CL could be a decent trade here going into the summer months. If we get WTI close to 115 and Brent at 130+ I would be getting extremely short going into the fall, it will cause very difficult economic consequences.

Mon, 03/12/2012 - 14:20 | 2247878 zilverreiger
zilverreiger's picture

dutch gas price is 1.832 € /L

9.11 $/Gallon
Mon, 03/12/2012 - 16:53 | 2248458 Martel
Martel's picture

After a few more years of bailout packages byt the Brussels Ministry of Love, the Greek can only afford to ride donkeys, olive-picking being the only job available. Donkeys and olives, bitchezz!!

Brussels - too sick to fail.

Mon, 03/12/2012 - 18:26 | 2248771 Killtaker
Killtaker's picture

I thought by now Germany would have seized all the autos in Greece as collateral... 

Tue, 03/13/2012 - 02:17 | 2249680 cnhedge
cnhedge's picture

high oil price will kll the market.

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