Gasoline prices at the pump have only just begun to decline. This chart from Bloomberg, which shows gasoline futures prices (white line) and gasoline prices at the pump, according to the Auto Club (orange line), suggests that pump prices should fall to $3.50-3.60/gallon once the dust settles, based on the decline in gasoline futures prices that has already occurred.
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This next chart compares gasoline futures prices (white line) to crude oil futures prices (orange line). The action to date suggests that gasoline futures prices could decline a bit more, given the decline in crude which has already occurred. This strengthens the case made above for a substantial decline in gas prices at the pump.
In very short order, the reversal of energy prices has removed a potential stumbling block to continued economic growth, and that is good news.