Best I saw driving in to work this morning (10/30/08, just outside Austin, TX) was $2.329.
With $150/bbl oil, the highest I paid was $3.999, of which, IIRC, about $0.385 is tax at the pump, making the price of the gas itself $3.614.
Oil has since fallen about 60%, so if the price of gas were to fall proportionately, I ought to be paying $1.446, plus $0.385 tax, or ~$1.83 . . .
But I'm not . . . and considering the price elsewhere in the nation, the other, non-tax fixed costs built into the price don't account for the price differential.
Moreover, just in the Austin area, the same brand of gas can easily vary $0.25 a gallon from one part of town to another.
Looks like dealers in some parts of town are colluding to keep prices inflated.