Higher oil prices not boosting Houston economy yet due to conflict with Iran, expert says
By Courtney Carpenter
Published on March 9, 2026.
The conflict in Iran is causing higher oil prices in Houston, Texas, not to be beneficial for the local economy yet, according to local expert Steven Craig, professor of economics at the University of Houston. The average price for a gallon of gas in Houston is currently $3.04, which is up 60 cents a gallon on average compared to the previous month. This rise in prices is due to the closure of the Straight of Hormuz, which effectively reduces the supply of oil, raising prices. Craig suggests that while high energy prices usually boost Houston's local economy, this is not the case this time. He suggests saving for your family by investing in an emergency fund so they can withstand higher gas prices.
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