The WTI delivery point is Cushing, OK. The problem is that Cushing has become like a roach motel for oil - it can get in, but it can't get out. Most of the pipelines are set up to deliver imported oil (esp from ports in the Gulf Coast). However, the Bakken Shale in North Dakota and the Canadian Oil sands oil is starting to gush in from the north. Lots of supply keeps a lid on the price. Also, WTI has become almost a financial contract - it follows the S&P and trades against the dollar. Brent Crude is more fungible, and is more representative of a "world" oil price, even if it comes from a dying oil field. The spread may narrow as pipeline operators figure out how to reverse the flow of the pipeline from Cushing to the Gulf Coast, allowing a true two-way market for WTI. Gas prices are high because east coast refiners buy Brent.
came across this article when asking a similar question http://www.minyanville.com/business...l-market-forward-curve-wti/6/27/2011/id/35364