So back under Obummer, when oil was running at $150 to $160 a barrel, we were paying $4.25 a gallon at the pump.
NOW it is running $70 a barrel or so...and local fuel prices are running at a lot of places, like $3.89 a gallon at the pump...
So either this formula isn't linear evidently....
The relationship between the price of oil and what you pay for gasoline at the pump isn’t linear and never will be. There are a lot of costs associated with transporting crude to refineries, refining it, and then transporting it to gas stations, in addition to the taxes you pay at the pump, that aren’t related to the price of oil.
