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Despite Strait of Hormuz reopening, gas prices could remain elevated | Houston Public Media
TexasGDELTGDELT event0% biasedTue, Jun 16, 2026, 12:00 AM
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While gas prices have declined over the last month, energy experts said it could take time for Texas consumers to see additional relief, even if the Strait of Hormuz reopens this week."They may not see anything in the rest of June, but as we get in July and August I think we could see some real pressure come off gasoline prices," said Skip York, a nonresident fellow in energy and global oil at Rice University.On Sunday, President Donald Trump and Iran announced a tentative agreement to end the war and reopen shipping through the strait.The peace agreement is scheduled to be signed Friday.Oil prices have skyrocketed during the U.S.and Israel’s war with Iran, due to the effective closure of the Strait of Hormuz.University of Houston Vice President for Energy and Innovation Ramanan Krishnamoorti expects the national average gas price to fall rapidly, from about $4 a gallon to roughly $3.50 per gallon.He predicts it will take several months for prices to decrease much more."After the summer, I would anticipate that towards the end of the year, we might start to get gasoline and diesel prices similar to where we were before the war," he said.University of Houston Energy Fellow Ed Hirs believes it could take up to a year for gasoline to return to pre-war prices."We won’t see a huge amount of relief just because there’s an outline of a peace agreement that may or may not be concluded in 60 days," he said.Dallas oilman Jay Young, the CEO of King Operating Corporation, said despite higher oil prices during the war, many Texas oil and gas companies have remained hesitant to ramp up production."Public companies are being very cautious about bringing rigs back to drilling, which, you know, means that prices are going to stay higher," he said.