Why Are Gas Prices So High?
In Illinois, more than 50 cents of the price per gallon is due to taxes.
There is no easy answer for the reasons behind the rising cost of gasoline. Nevertheless, the rising cost of gas turned into a political battle between Republicans and Democrats at a Congressional hearing today, according to the Huffington Post. Republicans and oil industry leaders said America is not fully tapping its energy resources and were critical of the Obama administration’s rejection of the Keystone XL pipeline. Democrats blamed higher gas prices on Middle East tensions and speculation by Wall Street investors. Gas prices have jumped 48 cents since January to an average $3.76 per gallon. The truth is that crude oil prices accounted for 76 percent of the price of a gallon of gas in January, according to the U.S. Energy …
Sully
10:03 am on Friday, March 9, 2012
Even Fox agrees that the president cannot be held responsible for gas prices (oh wait- that was when Bush was in office; sorry, my mistake.). more ›