Gas Prices Continue to Rise

New research from the Institute on Taxation and Economic Policy found the impact is hitting drivers in the Volunteer State harder than in much of the country.

Gas prices in Tennessee climbed again overnight, and new research from the Institute on Taxation and Economic Policy found the impact is hitting drivers in the Volunteer State harder than in much of the country. 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, the seventh-highest added monthly expense in the country. Alabama is the most affected state in the nation, with residents spending $52 more per person, per month. As of Wednesday, the average cost for a regular gallon of gas in TN was more than $3.90. Economists say the main drivers of the increase are crude oil costs and speculators reacting to what’s happening overseas as a result of the war in Iran.