Fuel prices? NOt a complaint, a real question...?

The oil prices you see quoted are prices on the futures market, oil to be delivered two or more months from now. Gasoline is purchased by wholesalers on the spot market The gas you buy today was refined from oil that was purchased at $100+ dollars per barrel not $70 and that is what the price is based on. Similarly the gas you bought last year when oil reached $70 was refined from oil that cost perhaps $50 per barrel so it cost less. It does seem a bit shady but it's just that the retail gas price runs a couple of months behind the futures oil price. Admittedly the wholesalers are a bit quick on the trigger to raise prices when oil goes up and a bit slow to drop prices on the way down but it does catch up.