A University of Chicago professor says the effects of high gas prices will ripple through the economy and change how people live.
AAA ranked Illinois as the eighth most expensive gas market on Friday, with the average price of regular unleaded hitting $4.86 a gallon and diesel topping $5.60.
Professor Steven Durlauf, Director of the Stone Center for Research on Wealth Inequality and Mobility at the University of Chicago, said higher gas and oil prices disproportionately affect modest and poorer families and ripple through the economy.
Durlauf said higher prices for the production of goods and services also affect the labor market.
Durlauf said higher transportation costs would have many consequences for the decisions people make and how they live.
Story from Illinois Radio Network
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