Gas prices

Initially President Trump said the war with Iran would last four to five weeks. Now over five months later there is no end in sight. The war is acting like a tax on the U.S. economy: energy costs are rising, inflation has accelerated, and the federal government is spending tens of billions of dollars on military operations.

The American Automobile Association is reporting on Fourth of July gas prices.

Tom Seng, assistant professor of energy finance at TCU's Neeley School of Business, discusses how the ceasefire talks could affect North Texas consumers.

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.