Oil sinks to below $90/barrel; why is the pump price still high?

Oil prices sunk below $90 a barrel Monday for the first time in eight months. Apprently, expectations that a widening financial meltdown will drastically reduce global demand.

Can anyone explain why gas still hovers just below $4/gallon? Oh, wait. Let me guess. Now it’s the refinery costs that make us the big chunk of the price, right? Wasn’t it just a few months ago that we heard the price per barrel of oil was the “big chunk of the price of a gallon of gas”.