Illinois not only has an excise tax (greater than the fed's), but also applies a state sales tax. Chicago then tacks on more.
At a pump price of $2 per gallon, total taxes eat up 30-40% of the price. And the politicians are talking about a tax hike?
American oil companies actually own very little of the oil they refine and distribute. Most is purchased wholesale from frackers or overseas.
They have become little more than government tax collectors. The excise taxes and gas taxes swamp their profit margins by almost an order of magnitude.
Same way with tobacco companies.
Illinois not only has an excise tax (greater than the fed's), but also applies a state sales tax. Chicago then tacks on more.
At a pump price of $2 per gallon, total taxes eat up 30-40% of the price. And the politicians are talking about a tax hike?