Gas went to over $76 / barrell, yet the same day I filled my tank with gas that was less than $3 / gallon ?

If you paid $3/gal then if the whole 42 gallons in the barrel were converted to petrol,the barrel would retail at 126 $.Don't forget crude oil is what the companies are talking about and there are many constuents refined out of the barrel,gasolene is a by product.Crude oil is bought on the spot market and payment normally made 30-60 days after, hence the delay in price rises and reductions.

Probably because gas stations are still filled up on gas that they bought for less than $76 a barrell, meaning they can still sell it less and make a profit. But feel sure that as soon as they fill up on the new shipment, the prices will be going up as fast as the pumps fill up.

Because we as a country and people are so dependent on oil/gas to power our vehicles. We can't live w/o it. If the price goes up to $5 a gallon we will still pay it... because we have no other way to get where we want to go. There are only so many buses, trains and subways.

It wouldn't jump immediately. You are paying the consumer price at the pump based on what the station manager paid at the time. The gas you bought has been sitting in trucks and underground tanks for a few days.

When the station manager refills his tanks at a higher price, then he will pass that price on to you!

Walk/bike/public transport, if you can!!

the rate big oil companies pay for oil has nothing to do with the daily prices much less with any fluctuation in prices. they buy on set prices, on yearly contracts. all this hype is just that, they want people to believe this as truth, nothing could be farther from it.....

sssssssssssshhhhhHHHHHHHHHHHHHHHHHH! Don't let the oil companies know they screwed up!!! Count your blessings and be happy!