No, because the speed doubling takes only half the time, but 4 time the power. Not necessarilly 4 times the fuel, because the engine may be "on the cam" at the higher speed, running more efficiently.
An example of this was the 1975 Toyota Celica GT. With the 1975 gearing, it was actually most efficient at 80MPH in 5th, as long as you didn't have to change speed or pass anyone. (I got 52MPG at just over 80mph from Waterloo to Kingston Ontario at 2am on a Sunday morning back in 1979-ish.
Didn't work on the 1976 model - same body (and engine) but different gearing