NORFOLK, Va. — When you compare gas prices today and in 2008, it looks like the U.S is reaching a record-high. Right now, the average price for a gallon of gas in Hampton Roads is $4.26.
Drivers like Ryan Meadows remember paying almost that much back in July 2008. He called it a big challenge, back then.
“Especially at that time, not having money as a college student, it hit pretty hard,” Meadows said.
Norfolk State University Economics Professor Dr. John Kamiru said inflation changes that perspective, saying, "Sometimes we don’t see things in real terms, we see them in nominal terms."
“The $4.11 in 2008 is equivalent to $5.25 today, adjusted for inflation,” Dr. Kamiru said.
Gas has fluctuated over the last several years. From 2011 to 2014, regular gas prices hit more than $3, according to the U.S. Energy Information Administration.
Still, Dr. Kamiru said unplanned expenses are difficult for anyone's budget.
“Still a huge amount of money that people are shelling out and it is not easy to spend that,” Dr. Kamiru said.
While current gas prices aren’t easy to add to your budget, Dr. Kamiru suggested changing your habits temporarily. He said you shouldn’t make any unnecessary car trips, and recommends carpooling with friends, especially to work.
Another huge difference between now and 2008 is the events people are facing today.
“This pain which hopefully is temporary, and then we should be able to get a more normal life experience away from worrying about COVID, supply chain, and now the Ukraine War,” Dr. Kamiru said.
Meadows said he hopes gas prices don’t go any higher.
“You drive by so many price tags with the other gas stations and it is in your face constantly, so I think when those rise it is going to be continually something that is going to be on your mind,” Meadows said.