"Here in W. Ireland, I'm paying €1.10 a litre (about €5 a gallon = about $2)" Jim Martin

Eh! No Jim 5 euros = $6.49.

And the "obscene" profit on the European side of the pond normally goes to the Government in the shape of tax. Additionally just because the price of crude oil per barrel drops today, that does not reflect the price paid for the refined oil that you are pouring into your car at the pump that could have bought at $147 per barrel depending on where you are.