The national average price of regular gasoline fell below $4 a gallon for the first time since July, reaching $3.9788 on Tuesday, according to AAA. Prices are down about 17 cents from a week ago and nearly 39 cents from a month ago.
The decline comes after energy inflation slowed significantly in October. Energy prices increased 0.7% during the month, a far cry from the 5.2% surge seen in September, according to the Bureau of Labor Statistics. The BLS' gasoline index increased 1% over the month, after advancing 9.1% in September.
Bespoke Investment Group pointed out that gasoline prices also tend to decline at this time of the year, making part of the recent relief seasonal.
"While lower oil prices have been a tailwind for the relief at the pump, it's also perfectly normal for gas prices to be falling at this time of year, so if they weren't, there would really be something wrong," the firm said.
The drop at the pump followed a sharp retreat in crude oil. International oil benchmark Brent crude on Tuesday briefly fell below $90 a barrel for the first time since August as comments from U.S. President Donald Trump fueled hopes for an end to Washington's nearly nine-month conflict with Iran.