Cost per oil barrel down 18% from high, but not gasoline per gallon?

Question

If a barrel of oil has dropped from a high of $148 down to $122 today(-18%), and there are 55 gallons of "raw" gasoline in a barrel, why didn't the cost per gallon of gasoline drop from $4.05 (in my city) to $3.31? It dropped to about $3.90. Who is ripping us off? Have any links to authoritative answers to this question?

Answer 1

The cost of oil is only one factor of many in the cost of gasoline. The other factors have not changed by nearly as much, thus the price of gasoline in your town is less volitile than the price of oil.

Answer 2

The national retail price of gasoline is 12 cents lower than two weeks ago. What were you expecting to happen?

Answer 3

Part of the answer is in your question. If the only factor in the price of gas was the price of crude. $110 crude would produce a price of $2.00 gal gas (using your numbers). However this does not mean we are not being ripped off, but it is not as much as you think.

Here is an interesting chart of how the wholesale price of  gas and other petroleum  products  have varied with the price of crude over the last year.

http://www.oilnergy.com/1combo.htm