Energy policy expectations vs market reality: crude prices dropped significantly, yet gas pump prices remained sticky. Why? Refining capacity constraints, distribution logistics, and marketing overhead don't move in lockstep with crude futures. The disconnect between raw commodity costs and end-consumer prices is a structural feature of energy markets—not just policy-dependent. When crude falls, consumers often assume pump prices follow immediately, but the supply chain has its own friction. Worth tracking how these margin dynamics play out over the next quarter as energy markets digest macroeconomic shifts.