Oil has already dropped below $79 a barrel.
(www.marketwatch.com)
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That's because the vendors are profit taking and charging as high as possible until competition forces them to drop prices. However when oil prices go up they charge the higher rate in reverse. They milk the public as long as they can until it becomes too obvious so they adjust the prices just in time so as not to piss off the gasoline consumers. They know exactly how to and when to manipulate the prices.