Gas 12 cents a gallon

Taxi driver Jaime Tinoco works the streets of Caracas in a 1976 Chevy Nova that guzzles 19 gallons (72 liters) of gas a day. But he doesn't worry about fuel efficiency -- filling his tank costs just $2.30.

While U.S. consumers struggle with soaring energy prices, Venezuela's gas is now the world's cheapest at 12 cents a gallon and Washington's regional foe, President Hugo Chavez, vows to maintain subsidies that keep fuel dirt-cheap.

"Those gringos have everything -- so why does their gas cost so much?" asked Tinoco between chuckles as he navigated a midday traffic jam. "Don't they have oil reserves?"

Full Story Here