Midland gas prices swing with crude oil volatility

May 4-Drivers continue riding the gasoline price roller coaster as prices rise and fall with crude oil costs.

Nearly two weeks of declines had provided some relief at the pump, but oil prices have resumed climbing amid continued uncertainty over the war involving Iran and the closure of the Strait of Hormuz.

According to AAA Texas, the statewide average price for gasoline was $3.925 per gallon on May 4. Midland County averaged $3.790 per gallon on the same date. The Midland metropolitan area averaged $3.819 per gallon for regular gasoline, down from $4.042 a month ago and well below the record average of $4.517 set June 11, 2022.

"Gas prices can respond quickly to changes in oil prices, but it's usually not immediate at the pump," Daniel Armbruster, spokesperson for AAA Texas, told the Reporter-Telegram by email.

"The timing depends on several factors, including wholesale gasoline prices, refinery production, inventories, distribution costs and local competition. Retail prices often move faster when oil prices rise than when they fall, because stations are trying to manage replacement costs and market volatility," he wrote.

Among the state's major metropolitan areas, El Paso drivers were paying the most, at $4.171 per gallon. Drivers in Lubbock were paying the lowest at $3.751 per gallon.

Continued disruption in the Strait of Hormuz is adding pressure to global oil markets and pushing gasoline prices higher.

AAA will release its Memorial Day travel forecast May 11.

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This story was originally published May 5, 2026 at 3:26 PM.