Oil drops 15% in week, reviving hopes for lower gas prices

[tridim]

Oil prices fell 15% this week, the steepest decline in two and a half years, and futures prices for light, sweet crude fell below $100 a barrel on the New York Mercantile Exchange.Crude shed $2.62 a barrel Friday after Thursday's 9% drop, falling to $97.18.

After tanking Thursday, commodities prices, including oil, headed back up early Friday, following a U.S. job growth report that showed the economy stronger than many thought. And a stronger economy means higher demand for fuel. But the rally in oil was brief.

Oil sank Thursday after a weak U.S. report on new claims for unemployment benefits. West Texas Intermediate crude plunged to $99.80 a barrel, raising hopes that the soaring price of gasoline had finally peaked. Thursday was the first time oil had closed below $100 since mid-March.

"If these price levels stick, it's great news for the consumer and it could mean we've seen the highs for 2011," said Peter Beutel, president of energy risk manager Cameron Hanover. "There's a 20% to 25% chance we've seen the high for the year."

More: http://www.usatoday.com/money/industries/energy/2011-05-06-average-gas-prices-peak-4_n.htm

So, is everyone enjoying their 15% price drop at the pump? I would, except gas is UP a few cents today in the mid-west.

I've been having trouble locating the data, but some on the financial forums have said that the last time crude was below $100 we were paying $2.40 at the pump. What the hell is the extra $1.60 for besides pure profit?