Prices at the Pump Fall as Crude Oil Trades Lower

Drivers are paying less at the pump this week as investors turn bearish on crude oil futures.

According to the AAA Daily Fuel Gauge Report, retail gas prices continue to ease. The average price for a gallon of gasoline fell on Tuesday to $3.52, down six cents from a week ago. Compared to the month-ago average, prices have dropped 16 cents.

Gas prices have dropped 38 cents a gallon over the last year.

The average price at the pump reached $3.78 a gallon in February and was as high as $3.75 a gallon last month, according to data from the Energy Information Agency.

On Monday, crude oil traded at its lowest level for the year, falling 2.8% during the session. The benchmark contract was down nearly 1% at $87.85 a barrel early Tuesday morning.

The U.S. Labor Department said Tuesday the consumer price index declined a seasonally adjusted 0.2% in March, as gas prices fell 4.4% versus a 9.1% gain in February.