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Record Gas Prices in Chicago, Nationally

Gas prices have hit a record high $4.51 a gallon in the Chicago area, according to the Chicago Sun-Times:

The average price of unleaded regular gas in the Chicago metropolitan area was $4.51 a gallon, surpassing by 4 cents the high of $4.47 reached in May 2011, according to AAA, Wright Express and the Oil Price Information Service.

In the city of Chicago, the price hit $4.67 a gallon, up a penny from the $4.66 high that also was reached last May.

Chicago’s CBS 2 looked further into the high gas prices in the city, finding that much of the cost is from local, state, and federal taxes:

CBS 2 asked two agencies. Jim Tobin, president of National Taxpayers United of Illinois, crunched the numbers on camera.

"We have a federal tax of 18 cents a gallon," he said. "The state gas tax is 19 cents a gallon."

In addition, there is an environmental tax of about 1 cent, and per gallon, the City of Chicago gets 5 cents and the County of Cook 6 cents.

In total, that adds up to about 50 cents per gallon in fixed taxes every time you get gas.

The AP notes that gas prices are also approaching record highs nationally:

The price of gasoline is less than a dime away from last year’s high.

At an average of $3.90 per gallon, Americans have never paid more at this time of year and prices are expected to keep climbing with two months remaining before the traditional kickoff of the summer driving season.

 

Published under: Gas Prices , Obama Economy