“Tough noogies” is where we left off. A few months ago, back in September, we discussed the likely path for gasoline prices. In short, new dynamics in the refining industry – as well as a few obvious factors like the price of crude – are leading to a new “crude” reality for American motorists. Unfortunately, this new reality isn’t going to lead to lower gasoline prices. Instead, when refiners win, you and I lose. (Hence [...] The Truth About Retail Gas Prices: An Update! appeared in the Daily Reckoning . Subscribe to The Daily Reckoning by visiting signup for an Agora Financial newsletter .