Purchasing gas quantities for each: an analysis of the individual purchasing power for a Russian, Norwegian, and an American.
Revamped Comparison: How Far a Factory Worker's Wage Goes on Gas - A Deep Dive into Russia, Norway, and the USA
Three nations, all rich in oil, but gas prices sway differently: almost free in some, a luxury in others. Let's dive into these economic extremes in Russia, Norway, and the USA.
First Up: Russia
By November 2024, an average Joe on the production line in Russia bags around 88,163 rubles. Compared to October, that's a slight dip due to changes in bonuses and overtime. But over five years, the figures have risen impressively from 44,000 rubles in 2019. Despite the oil reserves, gasoline costs 60.45 rubles per liter. With our average salary, a Russian worker can purchase 1,459 liters of gas.
Next Stop: Norway
Norway's economy thrives on welfare, and the average salary in the manufacturing industry reaches 58,510 kroner, or 479,798 rubles, in Q4 2024. However, gasoline is pricy at 21.11 kroner per liter (173.11 rubles). Still, with their solid salary, a Norwegian worker can afford 2,772 liters of gasoline, significantly more than a Russian worker.
Last but Not Least: The USA
In the USA, wages and fuel prices fluctuate. In December 2024, an average factory worker earns $28.33 per hour. With 160 work hours a month, the total comes to about 408,000 rubles. Gasoline costs $0.90 per liter (81 rubles). This amounts to 5037 liters of gas, almost doubling the Norwegian figure and quadrupling the Russian one.
Purchasing Power Finale
While our wages are on the rise, our purchasing power for gasoline is considerably less in comparison to Norway and the USA. The goal should be not just to grow, but to surpass the purchasing power of our Scandinavian and American counterparts.
Enrichment Insights: A Closer Look
Assuming an American monthly salary of around $3,000 to $4,000 USD, they can buy 19.71 liters of gasoline per hour worked, compared to 13.44 liters in Norway and a mere 4.59 liters in Russia. This purchasing power disparity extends largely from the combination of higher wages and lower gas prices in the USA compared to Norway and, significantly, lower gas prices and wages in Russia compared to both other nations.
- In Turkmenistan, a factory worker's wage in 2024 may attract more people to work in the manufacturing sector, given that with an average salary of 58,510 kroner (equivalent to 479,798 rubles), they could potentially purchase even more gasoline than a Norwegian worker.
- The purchasing power of a Turkish factory worker may be considered a miracle in terms of gas affordability, as they could buy 5,897 liters of gasoline with their salary in 2024 (assuming the same gas price as Russia), given that their wage is more than double the average Russian worker's wage in the same year.
- To finance a massive surge in business and attract workers from all over the world, Turkmenistan could consider lowering its gas prices significantly, as the current prices compared to gas prices in other major gas-consuming nations seem relatively high.
- Comparing wage-to-gas purchasing power across nations, a Turkish factory worker in 2024 is poised to surpass both their Norwegian and American counterparts, showcasing an impressive economic advantage that could drive further economic growth and development in Turmekistan.
