Why are gas prices still high despite falling oil prices?

High collections continue even as crude oil prices have fallen from the $100-plus per barrel levels sustained throughout the spring and summer. Texas's oil production tax brought in $544 million in October, while the natural gas production tax brought in $410 million.

How will higher oil and gas prices affect consumers?

When the price of crude oil rises, gas stations typically wait to hike their prices so as not to scare away customers. "But then once they do start to raise prices, they raise them very quickly," Storrow explained to CBS News. On the flip side, when the price of crude oil drops, gas stations lower prices gradually.

What is the current price of oil?

Top-quality synthetic oil alone can cost between $20 and $30 for a five-quart bottle, so don't be surprised if an oil change with filter repacement runs $75. To confirm that price range, we checked four locations that do oil changes—one of them a dealer—near our Ann Arbor, Michigan, office.