My opinion? Wholesale gasoline prices are down about 35 cents in the last 3 weeks. They fell a lot last Thursday when many of the commodity speculators cashed in to cover losses in the US stock markets. (Gold and Silver saw similar downward pressures for the same reason). See for yourself: RBCV1 - Stock Quote for NY RBOB OCT1 - RBCV1 Stock price - real time stock quote for NY RBOB OCT1
If these wholsale prices stabilize--which they apear to be doing over the last three trading days--middle America should eventually see prices in the low $3 range. $3.18 is about right. Of course, the big cities will be higher than that.
It is still in the low $3.40/gal range here in Colorado, but I am seeing a slow downward trend. In practice, most retailers will resist the urge to reduce their prices until they see sales disappear to the neighboring competition. Once a local market reaches that tipping point, retail price reductions can be rapid. Based on other post, it sounds like a tipping point has been reached in some local markets across the nation, but not all.