The price at the Citgo near my house FINALLY dropped yesterday, from $2.29 to $2.19. That's the first solid drop I've seen in gas prices in Northern Virginia. All of the other stations are sitting where they've been for weeks, even though the price of oil, and the wholesale price of refined gasoline, have dropped by nearly 50%.
I know industry people will say "well, the cheaper oil/gas have to work their way through the system. The product that's in the system now is the higher priced product so we can't drop prices yet.
But... that sure as *expletive deleted*ck don't keep them from ratcheting up prices fast as anything when wholesale prices go up, even though the cheaper product is still in the system.