Posted in: Gas Prices,
by Patrick DeHaan on Feb 7, 2014 03:05 PM
Oil prices closed out the week with a bang, rising to nearly triple digits. Wholesale gasoline prices also followed oil higher, and retail gasoline prices will likely begin to move higher over the next few days as those higher prices trickle down the supply chain.
WTI crude gained over $2/bbl, closing at $99.88 while Brent crude closed up $2.38/bbl to $109.57/bbl. Some of the blame for the rise in price today comes from optimism surrounding the economy, as businesses added fewer jobs than analysts had expected, but enough to cut the unemployment rate by a tenth of a percentage point.
Gasoline prices will likely follow higher as next week kicks off, so motorists hitting the roads for the weekends should brace for slightly higher prices as the weekend progresses. Meanwhile, the national average has declined a penny versus last week, while staying about 25-cents per gallon below last year.