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Explaining the High Cost of Gas

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Some 32 million of us are expected to hit the road for the Memorial Day Weekend.

And that's despite the fact that gasoline prices are at record highs.

Nowhere is the increase being felt more squarely than right here in Chicago.

Average prices for a gallon of regular unleaded gasoline are the hightest in the nation at $3.59 a gallon.

In some neighborhoods, that price is over $4.

But the talk around the water cooler these days isn't just about the cost, but about how high and how fast the costs have gone up.

And how wide the disparity can be from state to state, and pump to pump.

Joining us to explain the economics of pricing is Charlie Wheelan.

He teaches at the University of Chicago's Harris School for Public Policy and is the author of the book Naked Economics: Undressing the Dismal Science.

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