On the bright side, gas prices didn't rise overnight.
But the reality is they still remain high after the average price of a gallon of self-serve regular gasoline in Los Angeles County recorded its largest decrease since April 2, 2020, dropping 1.9 cents to $6.038.
The average price has dropped 3.2 cents over the past five days, including 1.2 cents Wednesday, following a 32-day streak of increases totaling $1.283, according to figures from the AAA and Oil Price Information Service. It is seven-tenths of a cent higher than one week ago, $1.152 more than one month ago and $2.089 greater than one year ago.
The Orange County average price recorded its largest decrease since April 8, 2020, dropping 1.8 cents to $5.994. It has dropped 3.3 cents over the past five days, including 1.7 cents Wednesday, following a 35-day streak of increases totaling $1.277.
The Orange County average price is a half-cent higher than one week ago, $1.139 more than one month ago and $2.06 greater than one year ago.
According to Oil Price Information Service, West Coast gasoline traders attributed the drop to the arrival of imported gasoline and gasoline components, easing concerns about supply. We should see further price drops at the pump as long as wholesale prices don't swing upward again.
On Thursday, President Biden is expected to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision. The move is a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.