Gas peaked at $1.39 a gallon back then, which would be $4.52 today.
Action News spoke to Michael Lahr, an economics professor at Rutgers University.
“What may happen, not real soon though, is that companies will use these raises in prices to invest in capital to get more oil reserves out of the ground. They haven’t done that yet, takes a little time but that may happen by the end of the summer,” Lahr said.
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