High gasoline prices affect TN residents more than other states

Gas prices in Tennessee climbed again overnight, and new research from the Institute on Taxation and Economic Policy found the impact is affecting drivers in the in the state more than other states. According to the research by ITEP, Tennessee drivers are paying an additional $42.44 per month on average due to the recent increase in fuel costs and that’s the seventh-highest added monthly expense in the country. The latest report shows the average cost for a regular gallon of gas in TN was more than $3.90 and economists say the main reason for the increase are crude oil costs and speculators reacting to what’s happening overseas as a result of the war in Iran. Many economists say if the price of gas remains high, it could push people to make more permanent changes, including buying more fuel-efficient cars or moving closer to work.