It's basic retail economics and supply chain dynamics.
Cheaper gas isn't yet available because the oil purchased to produce it hasn't yet been refined, much less distributed by wholesalers.
The retail stations, most of which operate on small margins, had to raise prices quickly so that they could try to pay for their next delivery, but now are still selling the same expensive gas in their storage tanks.
That's why "price elasticity" so often only works in one direction. More oil, less regulation, lower state taxes and more competition would help drive prices down faster.
