Southern California gas prices down slightly due to softening demand, release of oil from federal reserve
For the first time in weeks, gas prices in Southern California have dropped slightly thanks to softening demand, and drivers could see more relief at the pump after President Joe Biden ordered the release of millions of barrels of oil per day from the nation's strategic petroleum reserve.
The average price of a gallon of regular gas in Los Angeles County dropped 1.9 cents overnight to $6.038, continuing a five-day dip of 3.2 cents. And even though it's the biggest decrease since April 2, 2020, that average price is still more than $1.15 from a month ago and more than $2 from this time last year.
The average price of regular gas also dropped slightly in Orange County, where it's $6 per gallon, and Ventura County, where it costs $6.02 a gallon. In the Inland Empire, that average price was down to $5.96.
The nominal decrease defies seasonal trends, especially in spring break season, but softening demand across the country and less instability caused by the Russian invasion of Ukraine have helped bring prices down.
Another factor that could help bring gas prices down is the president's plan to flood the market with oil from the nation's strategic petroleum reserve. The order would release up to 1 million barrels of oil in an effort to help control and eventually stabilize energy prices.
"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," Automobile Club of Southern California spokeswoman Marie Montgomery said. "We should see further price drops at the pump as long as wholesale prices don't swing upward again."