MEMPHIS, TN -
(WMC-TV) - Most drivers have probably noticed by now that gas prices have been on the rise. In fact, they have risen every day for the past 32 days and they show no signs of stopping.
So why is it happening? Several factors converged to cause the gas price pinch.
AAA says gas prices have jumped more than 13 percent for more than one month.
"Particularly when you're on a fixed income, it's tough on you," said a Shelby County driver.
On top of the fixed income, paychecks are smaller after the social security tax relief expired January 1.
Economists say 4 percent of your gross income is being spent on gas.
"The more people spend on gasoline the less they have to spend on other parts of the economy. So that could slow our economic growth," said Economist Alan Gin.
Gas prices are rising due to a number of unforeseen factors.
"We have refineries down in a number of locations, oil prices are rising and then we have a supply shortage in California," said Sharon Epperson, CNBC Business News.
With this glum news comes a silver lining.
The national average for unleaded regular gas is $3.73 a gallon, but gas prices in the Mid-South are less, ranging between $3.34 to $3.69.
"The good Lord is going to take care of us. It's going to be alright," said a Shelby County driver.
You can find the cheapest gas near you by using the WMCTV.COM Gas Tracker, click here: http://www.wmctv.com/category/102603/wmctvcom-gas-tracker
Copyright 2013 WMC-TV. All rights reserved.
