Texas gas prices exceeded $4 per gallon on May 11, 2026, a nearly 50 percent jump from one year earlier that stems directly from the U.S.-Israel war in Iran that began in February. President Donald Trump endorsed a federal gas tax suspension the same day, aligning with Democratic Senate nominee James Talarico and prompting Sen. John Cornyn to shift from outright opposition to openness for a temporary pause.
Prices Spike Sharply Above Recent Norms
Texas regular gasoline averaged $3.98 per gallon the week of May 4, according to Energy Information Administration data, before crossing $4 mid-month. That marks a 44 percent increase from $2.77 in the same week of 2025. Nationally, the average reached $4.48 by May 5, up more than 50 percent since the Iran conflict began when prices sat near $3.00. These levels sit above the long-term inflation-adjusted average of roughly $3.61 per gallon but remain below the 2022 peak equivalent of $5.55 in today's dollars.
| Period | Texas Avg Price | National Avg | YoY Change (Texas) |
|---|---|---|---|
| May 2025 | $2.77 | $3.28 | — |
| Feb 2026 (pre-war) | $2.98 | $2.98 | +8% |
| May 2026 | $4.00+ | $4.48 | +44% |
Inflation-adjusted comparisons show the current surge exceeds the 2024-2025 average of $3.22-$3.43 but falls short of earlier energy crises. The 18.4-cent federal gas tax now represents a smaller share of the total pump price than in lower-price years, yet suspending it would still remove $3.5 billion in revenue over one month.
