Your question was first asked by Laplace. The following is from the Wikipedia article on "The speed of gravity"
The first attempt to combine a finite gravitational speed with Newton's theory was made by Laplace in 1805. Based on Newton's force law he considered a model in which the gravitational field is defined as a radiation field or fluid. Changes in the motion of the attracting body are transmitted by some sort of waves. Therefore, the movements of the celestial bodies should be modified in the order v/c, where v is the relative speed between the bodies and c is the speed of gravity. The effect of a finite speed of gravity goes to zero as c goes to infinity, but not as 1/c2 as it does in modern theories. This led Laplace to conclude that the speed of gravitational interactions is at least 7×106 times the speed of light. This velocity was used by many in the 19th century to criticize any model based on a finite speed of gravity, like electrical or mechanical explanations of gravitation.
From a modern point of view, Laplace's analysis is incorrect. Not knowing about Lorentz invariance of static fields, Laplace assumed that when an object like the Earth is moving around the Sun, the attraction of the Earth would not be toward the instantaneous position of the Sun, but toward where the Sun had been if its position was retarded using the relative velocity (this retardation actually does happen with the optical position of the Sun, and is called annual solar aberration). Putting the Sun immobile at the origin, when the Earth is moving in an orbit of radius R with velocity v presuming that the gravitational influence moves with velocity c, moves the Sun's true position ahead of its optical position, by an amount equal to vR/c, which is the travel time of gravity from the sun to the Earth times the relative velocity of the sun and the Earth. The pull of gravity (if it behaved like a wave, such as light) would then be always displaced in the direction of the Earth's velocity, so that the Earth would always be pulled toward the optical position of the Sun, rather than its actual position. This would cause a pull ahead of the Earth, which would cause the orbit of the Earth to spiral outward. Such an outspiral would be suppressed by an amount v/c compared to the force which keeps the Earth in orbit; and since the Earth's orbit is observed to be stable, Laplace's c must be very large. In fact, as is now known, it may be considered to be infinite, since as a static influence, it is instantaneous at distance, when seen by observers at constant transverse velocity.
In a field equation consistent with special relativity (i.e., a Lortentz invariant equation), the attraction between static charges is always toward the instantaneous position of the charge (in this case, the "gravitational charge" of the Sun), not the time-retarded position of the Sun. When an object is moving at a steady speed, the effect on the orbit is order v2/c2, and the effect preserves energy and angular momentum, so that, and orbits do not decay. The attraction toward an object moving with a steady velocity is towards its instantaneous position with no delay, for both gravity and electric charge."