OPEC melts down and oil drops 5%

[Tyme2fish]

Because they are trading oil that hasn't come out of the ground.....hence the term "oil futures"

You'll see the drop in about 3-4 weeks....

I beg to disagree. The threat of a hurricane in the gulf will cause local gas prices to increase immediately and that gas is already in the pipelines.

[artcarney_agr]

The threat of a hurricane in the gulf will cause local gas prices to increase immediately and that gas is already in the pipelines.

You're correct on that too. There are more factors on the pump price than just oil futures, which is why you can't really get all wound up or cheer about this OPEC news.