Gas prices

If the Strait of Hormuz reopens after the Iranian blockade is lifted, energy economist Ed Hirs predicts it will take many months before oil and gas prices return to pre-war levels.

Here’s what you should know about the market forces at play and what higher prices mean for oil companies and the state.

The all-time high price for a gallon of gas was set in the summer of 2022.

U.S. gas prices were nearly $3 an average prior to the start of the war in Iran.

Americans are paying more at the pump after the conflict with Iran sent oil markets sharply higher and disrupted shipping through the Strait of Hormuz.

The price hikes come as Texans grapple with high costs at the fuel pump and in grocery stores.

Experts say the oil market is volatile right now, and is likely to remain unpredictable for the foreseeable future.

Gasoline prices hit record highs last week, so politicians in both parties proposed suspending state and federal gas taxes. But some warn such tax "holidays" may cut funding for needed road repairs.

China, India, Japan, South Korea and the United Kingdom are also tapping their emergency stocks. The goal is to try to bring down oil prices, which have been causing consumers pain at the pump.

All 27 metro areas in Texas saw prices at the pump spike in recent weeks. Regular unleaded averages in Corpus Christi, Dallas/Fort Worth, El Paso and Odessa jumped more than 10 cents per gallon. El Paso saw the largest jump at 31 cents.