Over the last six months I have consistently seen stations pop up prices right away when the media announces per-barrel cost hikes. No matter that the gas they are pumping is from lower cost oil. Now crude prices are dropping but the gas stays at ~$2 per gallon. Other than oil companies ripping-off the consumer can anyone explain it?
Yeah, FUTURES are dropping, not the price of gasoline. The oil has to be purchased, hauled, refined, and distributed, and only then does the gas station guy get lower prices, but he still has the expensive stuff in his tank.
Yes, they will raise gas prices when they know it'll cost a lot to replace what they've got. They don't mind waiting to sell the stuff they got cheap. But they do mind selling cheaply the stuff they paid a lot of money for.
Wait a few weeks. The prices will come down.