The title is how I have always seen gasoline pump prices go. It seems like when oil goes up $1 barrel, gas will jump that day. Forget the logic that says, there is no way oil got from the Oil Derrick, to the refinery and to the gas station to be pumped into my car in Southern Oregon the next day.
However, the second part of the statement is true also. The day prices go down, do the pump prices? Nope. It can take days or weeks to fall. The talking heads (the PR people, not the band) will tell you, "OH, it takes time to filter through..."
I have to say though, this time feels different. Maybe this is due to demand actually falling this time and the oil companies trying to stoke usage. Summer is their traditional big demand month and yet in June demand was 5.2% off!
According to this article prices are going to dip up to 25 cents more by Labor Day. Cannot come to soon. Energy has been a key driver (along with cheap money) of inflation. Perhaps we can escape the "Pit and the Pendulum" one more time!
Are the prices coming down where you are as well?