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The Chevron gas pumps on 4002 Southwest Freeway shows $4.19 per gallon as of Thursday, May 7, 2026. Gas prices increased during the U.S.-Iran conflict.<\/p>\n
Octavia Johnson\/Houston Chronicle<\/p>\n
President Donald Trump accused Houston\u2019s oil and gas industry of price \u201cgouging\u201d at the pump <\/a>on Wednesday, calling for an official Justice Department investigation as peak summer travel is expected to kick off next week.<\/p>\n \u201cThe big Oil<\/a> Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,\u201d Trump wrote in a post on Truth Social. \u201cThose prices are dropping like a rock! In other words, customers are being \u2018gouged.\u2019\u201d<\/p>\n Oil and fuel prices<\/a> have fallen in recent weeks after the U.S. and Iran signed a temporary peace agreement, opening the Strait of Hormuz<\/a> under a ceasefire while officials from both countries and neighboring allies continue to meet in Switzerland to hash out a permanent deal.\u00a0<\/p>\n Article continues below this ad<\/p>\n But it will take time for these actions to affect the price consumers pay at the pump, experts say.<\/p>\n \u201cThe gasoline prices at the pump today are because of the price of crude oil last month,\u201d said Ed Hirs, an economist at the University of Houston.<\/p>\n What was the average price at the pump before the war and what is it now?<\/p>\n Fuel prices surged as the Iran war strained the world\u2019s oil supplies, driving Texas oil prices to an eye-popping $113 in April. As a result, prices at the pump will approach record highs<\/a> next week for the July 4 holiday, second only to 2022, according to the fuel-price tracking service GasBuddy.<\/p>\n Article continues below this ad<\/p>\n Pump prices have been falling as oil prices settle in response to peace talks. In Houston, average fuel prices are roughly $3.43 per gallon, down from $4 in May<\/a>.<\/p>\n