Venezuela price of gas is 10 cents a gallon. Does Venezuela have the cheapest gas price in the world?

According to Futures magazine, gas prices have nearly frozen at around 10 cents a gallon for almost 15 years in Venezuela. This is because President Hugo Chavez implemented government subsidies to keep gas prices low, making the policy extremely popular in Venezuela. Venezuela is also a major oil exporter.

However, in the wake of Chavez's death, the country's economy is on the verge of collapse, in part due to this policy. Inflation is catching up with Venezuelan gas prices and citizens are bracing themselves for instability.

In comparison, Americans pay an average of $3.55 for a gallon of gas, DailyFinance.com reports. Prices range based on states.

Chinese people pay about $4.74 a gallon. China is the second-biggest oil consumer in the world behind the United States.

People in the United Kingdom pay a whopping $8.06 per gallon, due to rising crude oil prices and higher fuel taxes, according to Futures magazine.

Turkey has one of the highest prices of gas in the world, at $9.89 per gallon. This is because a large part of the population, about 40 percent, pays no taxes at all, so the government must make up for its budget deficit gap, and the most efficient way they do this is by increasing the fuel tax.

Other countries that pay very little in gas prices are oil-producing countries in the Middle East. In Saudi Arabia, a gallon of gas costs only 45 cents, and people in Kuwait pay just 80 cents.

However, even those in the Middle East pay more than Venezuelans. At times, gas prices have dipped to only 6 cents a gallon in the South American country, according to OMG Facts.