Some of the literature i have says the 3.5% drugstore type can have an 
assortment of stabilizers including: Acetanilide, Phenol, Sodium Stanate and 
tertrasodium Phospahte.
The MSDS for Phenacetin says: Danger! suspect cancer hazard. May cause dancer. 
Risk of cancer depends on level and duration of exposure. harmful if swallowd 
or inhaled. May cause kidney, liver and blood disorders. may cause 
methemoglobinemia.
 
But note that the MSDS for H2O2 says Phenacetin is not a hazard. Why? Because 
it is present in an extremely small amount--less than 0.05 percent. Why is it 
added? I don't know, Is it dangerous? I don't know that either but i'm not 
willing to take the risk if i'm going to drink it on a regular basis for any 
period of time. 
 
Tina