Gas prices rise to record highs again: $4.65 a gallon in Philly; $4.47 in NJ

The national average jumped five cents to $4.37 a gallon.
PHILADELPHIA (WPVI) -- The average price for a regular gallon of gas hit another all-time high in the tri-state area.

As of Tuesday morning, the average in Philadelphia is $4.65 a gallon.

Pennsylvania is at $4.54, New Jersey is up to $4.47 and Delaware drivers are paying $4.40 on average.

The national average jumped five cents to $4.37 a gallon.

When you adjust for inflation, that puts current rates higher than they were in the aftermath of the oil crisis of 1979.

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.

AAA warns gas prices typically go up in summer and stay that way through Labor Day, so the worst may be yet to come.
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