The past week saw more increases in gas prices. Here in Murfreesboro, if you look around, we found a few discounters offering regular gas at $3.44 per gallon.
While West Texas Intermediate (WTI) crude oil prices have increased substantially over the last several months, the price of gasoline at the pump has decreased. However, the last week at the pump saw a sizable increase. 20+ cents here in Murfreesboro a week ago. And down a penny as this new week begins.
WTI prices have increased more than $20 per barrel from $75.67 to begin October to $96.92 today, as the gap between WTI and Brent crude (the traditional global benchmark product) has closed dramatically.
During this same period, gasoline demand has remained sluggish due to high prices and a weak economy, leading to a lower price at the pump, albeit at a level nearly 50 cents higher than this time last year.