Crude Oil prices have dropped to $122/barrel, which is a pretty big drop compared to its peak price.

American consumption of gasoline has decreased slightly since the prices spiked, but the price of oil is set by the global market, not just the U.S. A 1-2% decrease in U.S. consumption wouldn't trigger a 16% drop in world oil prices.

Furthermore, gas retailers aren't going to drop prices to the point that they're losing money. The reason prices are dropping is because input costs (read: crude oil) are dropping.