Why should it go down immediately?
The producers and retailers of refined products still have to try to make a profit on the sales of product made with more expensive oil.
You think they should just eat the loss?
Per AI...
“Refineries process a 42-gallon barrel of crude oil into over 6,000 different products. While the majority of the barrel is dedicated to transportation fuels, the byproducts create countless everyday items, ranging from plastics and cosmetics to clothing and asphalt.”
Just something to keep in mind.
“Why should it go down immediately?”
Because the price goes up IMEDIATELY. If the price of crude rises in the morning, then the price at the pump rockets up 20 to 50 cents by noon. That product was paid for days or weeks ago at a lower price. They’ve already covered the “loss” with preemptive price rises. They’re either gouging at the front end or the back end. They can’t have it both ways.
They already made those dollars up on the front end raising prices on oil bought at a much cheaper price.