This has probably been answered but I rarely open up the oil price threads mainly because I prefer to just be an angry motorist when it comes to oil prices and like to reserve my anger to speculators.

So, since oil has come down over the past week and a half to $127 and some change, why haven't gas prices went down to what they were when oil was last at $127 and some change (which I believe was about ten cents lower then it is right now this instant)?


Second, can this be attributed to Bush's move to try and lift drilling bans? I figure yes, because if oil can go up $15 in a day because some ass clown that if I ever meet I'll beat to death just says that he expects oil to be at $150 by July then why wouldn't it come down with the President saying that he is trying to lift bans? Does he deserve some credit here?

I understand that speculators allegedly base their buying/selling on supply vs. demand, so wouldn't that make sense?