[Lion Den Dan]

I don’t buy that crude prices are driving retail pump price. When crude was running $150, pump prices did not swing anywhere near what they are now. Government regulation is the driver IMO.

[John W]

That and the fear of more of the same. And, the government money printing presses.

[Eric in the Ozarks]

When you run the presses full time to print American currency, it tends to be worth less and buy less.

[thackney]

When crude was running $150,

Crude was never $150. It approached that number for a few hours on the futures market. The average price paid by the refineries in June/July 2008 was under $130.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=R0000____3&f=M

Also at that time, the WTI price for crude delivered to Cushing, OK was above the other crude prices of comparable oil at our coasts. Now it is reversed with WTI being below the others.

http://online.wsj.com/mdc/public/page/2_3023-cashprices.html?mod=topnav_2_3000

http://online.wsj.com/mdc/public/page/2_3023-cashprices-20080602.html?mod=mdc_pastcalendar