Regular unleaded is $2.95 a gallon at Exit 86, on Interstate 24 just north of Clarksville, TN. It's $2.97 a gallon on post at Ft. Campbell, KY. I filled up two days ago at Wally-World for $3.47 a gallon (@#$#!%$).
One explanation given on the news tonight was that the fuel in the underground tanks at the gas stations now was of course purchased by the station before oil went into freefall, hence they have not lowered the prices on the gas they currently have. Apparently, some stations won't lower the price until the next shipment, which they paid less for.
Now, of course, this doesn't work in reverse. If someone farts in the Middle East and oil goes up, the gas stations certainly don't wait until their next shipment to raise their price accordingly.
Refineries supposedly making up for lost revenues. They are regulated and so they couldn't raise their prices as fast as the other parties involved. But now they are able to way over charge especially with one major refinery way behind in production due to the last hurricane. Besides Dick Cheney's gonna be outta work soon so he's gonna need a cushion seeing how he/they let the stock market fail.