Gas at 6 Cents a Gallon

According to AAA, we're now paying a nationwide average of $2.73 for a gallon of regular. That's about 25 cents a gallon more than last year. But it's certainly better than the year before, when prices shot up to over $4/gallon. But if the cost of gas bothers you, be happy you don't live in Asmara, Eritrea. This African nation boasts the highest gas prices in the world — nearly $10/gallon. On the other hand, you could be living in Venezuela, where prices are as low as 6 cents. Here's a list of the places with the highest and lowest gas prices in the world, courtesy of the Oil Price Information Service (OPIS).

The World's Highest Gas Prices:

1. Asmara, Eritrea — $9.59/gallon
2. Oslo, Norway — $7.41/gallon
3. Copenhagen, Denmark — $6.89/gallon
4. Hong Kong — $6.87/gallon
5. Monaco, Monte Carlo — $6.82/gallon

The World's Lowest Gas Prices:

1. Caracas, Venezuela — 6 cents/gallon
2. Tehran, Iran — 32 cents/gallon
3. Riyadh, Saudi Arabia — 45 cents/gallon
4. Kuwait, City, Kuwait — 85 cents/gallon
5. Cairo, Egypt — $1.17/gallon

So here we have a homogeneous product — pretty much the same in Caracas as it is in Asmara — ranging in price from 6 cents to nearly $10 a gallon. Why the big range? Looking at the list will offer the first hint: Most of the countries on the low-price list have lots of oil.

But another reason gas prices vary so widely is what the government does with gasoline. They control the price and/or consumption by loading on taxes, or in the case of Venezuela, subsidizing the price.

While the wild world of fossil fuel pricing is interesting, what gas costs in Asmara, Tehran and Oslo is ultimately only of interest to those who gas up there. What we're interested in is paying less for gas in our own neighborhoods. How do we find the cheapest gas?

Use Your Smart Phone

If you have a smart phone, go to where you can download apps (such as the Apple App Store or the Android Market) and do a search for "gas prices." You'll discover several free apps that will help you find prices at nearby stations. Note, however, that most of these apps are self-reporting — they depend on other app users to send in prices. That leads to two potential problems: First, gas prices may be out of date or inaccurate. Second, there's nothing that prevents the station owner from gaming the system by putting in a false low price to attract customers.

There are apps that don't depend on user-supported prices. AAA's TripTik iPhone App, for example, uses prices reported by the Oil Price Information Service and are derived from credit card transactions at more than 100,000 stations around the country, updated daily. The problem with this reporting method? Price can change more often than daily, and while 100,000 is a lot of stations to survey, it's not all of them.
Use your computer

There are several websites that will help you find the cheapest gas in your area. A few examples, all of which allow you to search by zip code:

• Gasbuddy
• MSN gas prices
• Gas Price Watch
• Mapquest Gas Prices
• FuelMeUp

Like the smart-phone apps, most of these sites feature user-reported prices or Oil Price Information Service-reported prices, so the same caveats apply.
Watch the weather: there could be cheaper gas prices in coming months

Watch the Weather: There Could Be Cheaper Gas Prices in Coming Months

In doing research for this story, I talked to Fred Rozell, director of retail pricing for the Oil Price Information Service. He says that if the economy remains sluggish and provided there are no supply disruptions, we could see pump prices drop by as much as 50 cents a gallon after hurricane season.

Read more »

Toys of the Ultra Rich

Mega Yacht

Courtesy of Denison Yacht Sales

Purchase Price: $6,750,000
Yearly Operating Costs: $1.025 million

This 127-foot used mega yacht can be picked up for $6.7 million, a relative bargain. But it could cost over $1 million a year to run, said Justin Onofrietti, the broker at Fort. Lauderdale, Fla.-based Denison Yacht Sales that's selling the ship.

More from CNNMoney.com: • 10 Ways to Make Real Money Right Now • See What Cars Have the Ultimate Back Seats • Learn Which CEOs Have Taken the Biggest Pay Cuts

While actual costs will vary depending on use and location, Onofrietti said the captain on a typical yacht could make $145,000 a year, with an additional $70,000 for the first mate, $55,000 for the cook and $35,000 for the stewardess.

Throw in another $180,000 a year for fuel, $240,000 in dock fees and $300,000 in insurance, and it's easy to see why this is a rich man's hobby.

Private Jet

Courtesy of Gulfstream

Purchase Price: $50.5 million
Yearly Operating Costs: $2.5 million

The Gulfstream G550 is one of the most sought-after long-range private jets. Usually used by businesses, it's also popular among very wealthy individuals.

But it doesn't come cheap. If flown often, it will burn through nearly a million dollars a year in fuel alone, according to the aviation research firm Conklin & de Decker. Crew, maintenance, insurance and hanger costs add another million.

Many wealthy jetsetters are opting for partial jet ownership or buying prepaid flight cards priced by the hour. But even those cost-saving options are no bargain. Steven Kaye, a New Jersey-based wealth manager, said one of his clients recently booked a round trip jet to Rome for two. The cost: $180,000.

Helicopter

Courtesy of Bell Helicopter

Purchase Price: $6.5 million
Annual Operating Costs: $1 million

Can't afford the private jet? How about the much more affordable personal helicopter? You might have to fly commercial but at least you won't have to take a cab to the airport.

And the operating costs are also easier on the wallet: This Bell 430, a top-of-the-line executive model, will eat up a mere $200,000 a year in fuel, $338,000 in maintenance costs, $216,000 in crew salaries and $150,000 in hanger and insurance costs, according to the aviation research firm Conklin & de Decker.

Exotic Car and Driver

Courtesy of Rolls Royce

Purchase Price: $380,000
Yearly Operating Costs: $70,000 or higher

Just parking an exotic automobile at a garage in midtown Manhattan will cost north of $8,000 a year -- more than most Americans spend on actual car payments.

Then there's insurance, which on this $380,000 Rolls Royce Phantom will run around $8,400 a year, according to Hagerty Insurance.

Don't forget maintenance and repairs. "If you go over a curb, you can bust a $1,500 rim in a heartbeat," said Thomas DuPont, chairman and publisher of the luxury products magazine the DuPont Registry.

A driver will run another $55,000 to $60,000 a year, plus benefits and overtime, said Robin Kellner, who runs her own luxury staffing agency.

Private Island

Courtesy of Sotheby's Realty

Purchase Price: $55 million
Annual Operating Costs: $200,000 and up

This 681-acre Bahamas island boasts an airstrip, a seven-bedroom timber frame main house, and two staff houses.

Maintaining an island like this requires one engineer to run the water and electrical systems and two groundskeepers, at a minimum, said George Damianos, the Sotheby's broker selling it.

Operating costs can exceed a million dollars on islands with bigger homes, said Damianos, especially since everything has to be shipped in.

But despite their high costs, private islands remain popular among ultra-rich clients. "After you have your jet and your yacht, what else is there to get?" asked Damianos. "Your own private island."

Personal Chef

Thinkstock

Annual Cost: $80,000 to $150,000

Who doesn't fantasize about having their own private cook, with tasty meals whipped up on a whim?

But a personal chef is one of the most expensive of all domestic staff, commanding anywhere from $80,000 to $150,000 a year plus benefits, said Robin Kellner, who runs her own luxury staffing agency.

And it's not just cooks who command big bucks. Kellner said a popular household staff hire is a personal assistant, who pulls in anywhere from $65,000 to $120,000 a year. A nanny gets $50,000 to $80,000, while a maid might earn $40,000 to $70,000 and a property manager could get $75,000 to $90,000.

Kellner said that while most of her clients have four or five staffers, an ultra rich person could employ dozens of them at properties around the world.

Vacation

Courtesy of The Ritz London

Twelve-Day European Tour: $36,097, plus expenses and airfare.

A single night in the Royal Suite at The Ritz London costs a whopping $5,863.

And that's only the first stop on a three-city tour taking in London, Paris and Rome put together by ultra-lux agency Leading Hotels of the World. The sojourn includes a private tour of the Louvre, Colosseum and Sistine Chapel.

But let's face it, better set aside more than $36,000 for vacations. If you're super-rich, you're taking more than one of these a year.

Source: finance.yahoo.com

Read more »