diff --git a/common/djangoapps/static_replace/__init__.py b/common/djangoapps/static_replace/__init__.py
index d41688530e..088ba09181 100644
--- a/common/djangoapps/static_replace/__init__.py
+++ b/common/djangoapps/static_replace/__init__.py
@@ -13,12 +13,22 @@ log = logging.getLogger(__name__)
 
 
 def _url_replace_regex(prefix):
+    """
+    Match static urls in quotes that don't end in '?raw'.
+
+    I'm sorry.  http://xkcd.com/1171/
+
+    (?<!blah) means "don't match if the previous thing is blah".  Clear, eh?
+       (grep for negative lookbehind assertion in
+       http://docs.python.org/2/library/re.html)
+    """
     return r"""
-        (?x)                 # flags=re.VERBOSE
-        (?P<quote>\\?['"])   # the opening quotes
-        (?P<prefix>{prefix}) # theeprefix
-        (?P<rest>.*?)        # everything else in the url
-        (?P=quote)           # the first matching closing quote
+        (?x)                      # flags=re.VERBOSE
+        (?P<quote>\\?['"])        # the opening quotes
+        (?P<prefix>{prefix})      # the prefix
+        (?P<rest>.*?              # everything else in the url...
+               (?<!\?raw))        # ...but not if it has '?raw' at the end.
+        (?P=quote)                # the first matching closing quote
         """.format(prefix=prefix)
 
 
diff --git a/common/djangoapps/static_replace/test/test_static_replace.py b/common/djangoapps/static_replace/test/test_static_replace.py
index 98c29ca2f9..80b129f459 100644
--- a/common/djangoapps/static_replace/test/test_static_replace.py
+++ b/common/djangoapps/static_replace/test/test_static_replace.py
@@ -1,5 +1,8 @@
-from nose.tools import assert_equals
-from static_replace import replace_static_urls, replace_course_urls
+import re
+
+from nose.tools import assert_equals, assert_true, assert_false
+from static_replace import (replace_static_urls, replace_course_urls,
+                            _url_replace_regex)
 from mock import patch, Mock
 from xmodule.modulestore import Location
 from xmodule.modulestore.mongo import MongoModuleStore
@@ -75,3 +78,27 @@ def test_data_dir_fallback(mock_storage, mock_modulestore, mock_settings):
 
     mock_storage.exists.return_value = False
     assert_equals('"/static/data_dir/file.png"', replace_static_urls(STATIC_SOURCE, DATA_DIRECTORY))
+
+
+def test_raw_static_check():
+    path = '"/static/foo.png?raw"'
+    assert_equals(path, replace_static_urls(path, DATA_DIRECTORY))
+
+
+def test_regex():
+    yes = ('"/static/foo.png"',
+           '"/static/foo.png"',
+           "'/static/foo.png'")
+    no = ('"/static/foo.png?raw"',
+          '"/static/foo',  # no matching quote
+          )
+
+    regex = _url_replace_regex('/static/')
+
+    for s in yes:
+        print 'Should match: {0!r}'.format(s)
+        assert_true(re.match(regex, s))
+
+    for s in no:
+        print 'Should not match: {0!r}'.format(s)
+        assert_false(re.match(regex, s))