I heard this morning that prices dropped roughly 1c overnight.
I think it's just the lag time that it takes. If a station bought at $3.99 and still has gas that's $3.99 in the tank, they're going to sell it for $3.99 if they can. Otherwise they're losing money on the deal.
That would make sense if there was a lag time before prices rise but that wasn't the case. They immediately started climbing and in big jumps too. Some greedy crooked sheet goes on in the pricing of fuel.