The price of a gallon of gas includes refining, shipping, taxes, overhead, etc. Figure for thumbnail calculations that this is about a buck a gallon. So 22% off of $3 is 66 cents off, plus the overhead means $3.34.
We're not there yet, but my locals are doing $3.65 and the good people of Carlisle PA are paying $3.37 right now.
September should see us around $2.80-$3.00, IMHO.
The RBOB (gasoline) futures are already around $2.92 per gallon. Those are actually more pertinent to what your gas will cost in a few weeks than what oil costs.
It’ll take another couple of weeks for lower prices to work through the distribution chain, but it’s definitely coming. The drop should last through the fall, and if oil winds up where it ought to be ($60-$75/bbl)., we could soon be back down in the $2.00-$2.50 range. Obama is deeply saddened; deflated, one might say.