I'm not an economist, but ...
A gallon of petrol at my local pump on East Boulevard cost $3.97 per gallon on July 16.
Let's jump ahead to today.
Oil now is trading at $101.18 on the New York Mercantile Exchange.
By my calculations, that's a drop of 28 percent in two months.
A gallon of petrol at my local pump on East Boulevard now costs $3.62 per gallon.
That's a drop of 9 percent in (almost) two months.
What am I missing here?