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Are Oil Companies Really To Blame?

Here’s a new take on where high gas prices are coming from. In 1950 gas was 30 cents/gal including 1.5% taxes. Even adjusting for inflation, you can’t get close to predicting the price of gas now from this information.

Taxes now account for approx. 20% of the price of gasoline. (We live in a Chicago burb & we believe ours are some of the highest taxes in the country.)

So, while oil companies with their sky-high profits last year should share some of the blame, our taxes do count, too!

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