Prices at the Pump Fall as Crude Oil Trades Lower

By EnergyFOXBusiness

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

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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.

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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.