Gas prices continue climbing in Southern California
Gas prices continue climbing across California.
The average price is 16 cents more than it was one week ago in LA County.
The Orange County average price is 18.7 cents more than one week ago.
LOS ANGELES - Once again, Angelenos are burdened with pain at the pump.
A new report found that gas prices rose for the ninth time in ten days.
By the numbers
The average price has risen 16 cents over the past 10 days, including 5.3 cents Saturday, its largest increase since April 5, according to figures from the AAA and the Oil Price Information Service. It rose three consecutive days, increasing 1 cent, dropped four-tenths of a cent Tuesday and resumed increasing Wednesday.
The average price is 16 cents more than it was one week ago and 6.2 cents higher than one month ago but 32.5 cents less than one year ago. It has dropped $1.675 since rising to a record $6.494 on Oct. 5, 2022.
The Orange County average price rose for the sixth consecutive day, increasing 1.7 cents to $4.793, a day after rising 3.9 cents. It has risen 19 cents over the past six days, including 6.4 cents Saturday, its largest increase since Sept. 28, 2023.
The Orange County average price is 18.7 cents more than one week ago and 7.4 cents higher than one month ago but 31.3 cents less than one year ago. It has dropped $1.666 since rising to a record $6.459 on Oct. 5, 2022.
The national average price of a gallon of gas rose nine-tenths of a cent to $3.168, a day after it was unchanged. It has increased seven of the past eight days. It is 4 cents more than one week ago and 5.4 cents higher than one month ago but 36.7 cents less than one year ago.
The national average price has dropped $1.848 since rising to a record $5.016 on June 14, 2022.
What's next
Gas prices typically start going up this time of year and peak during the summer. The sharply lower price from one year ago is "due to tepid gasoline demand and weak crude oil prices," according to the AAA.
SUGGESTED COVERAGE:
Gas is under $3 in 31 states amid spring break travel, AAA says: What to know
Why are gas prices going up in California?
USC professor 'estimates' Californians will need to make $1,000 more next year to keep up with 2025 gas prices
The Source
Information provided by AAA and City News Service.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
San Francisco Chronicle
an hour ago
- San Francisco Chronicle
What's open and closed on July Fourth
The Fourth of July holiday, also known as Independence Day, celebrates the Second Continental Congress' unanimous adoption of the Declaration of Independence on July 4, 1776. A year later, according to the Library of Congress, a spontaneous celebration in Philadelphia marked the anniversary of American independence. But observations weren't commonplace until after the War of 1812, when they quickly took off. Congress was late to the party, finally passing a law making Independence Day a federal holiday on June 28, 1870. Government offices, post offices, courts and schools are closed. Banks and the stock market U.S. stock markets and banks are closed Friday. Most FedEx and UPS pickup and delivery services will also not be available. Retailers Warehouse membership club Costco is closed on July Fourth. Most other major national retailers such as Target and Walmart will be open, with some offering promotional sales to lure customers. Most grocery stores are also open. Hours may vary by location, so check your local store. Travel Millions of Americans are expected to hit the road, taking advantage of the Fourth of July falling on a Friday this year. Spokeswoman Adrienne Woodland said AAA is forecasting that a record 72.2 million Americans will travel domestically between June 28 and July 6, an increase of 1.7 million over last year and 7 million more than in 2019. AAA estimates 61.6 million Americans will drive and 5.8 million travelers will fly.
Time Business News
9 hours ago
- Time Business News
How to Buy a Home in California and Sell Your Current Home at the Same Time
Buying and selling a house at once is always a delicate balancing act, but the stakes are even greater in California. Competition is intense, and prices are exorbitant given a statewide housing shortage of 3.4 million units. Median house values in many coastal areas exceed $1 million, and only 17% of Californians can afford a median-priced home. Especially if you are also selling your existing house, approach your plan to Buy a Home in California with strategy, speed, and accuracy. Buying or Selling First: What's the Smarter Move? Buying Before Selling: In a competitive environment like California, this strategy would appeal to many buyers who dread missing out on the right house. Pros: 1. Lock in the Right House Quickly: Inventory remains tight—active listings in California were about 30% lower as of early 2024 than pre-pandemic levels (Redfin). When you're ready to Buy a Home in California, buying before selling allows you to strike faster when the right property arises. 2. Skip the Double Move and Storage Expense: Buying Before Selling allows you to move into your new house. If you buy first, you'll skip the expense of short-term rentals and storage, reducing hassle and cost. 3. More Flexibility in Transition Time: Most closings give you 30–60 days before the transaction becomes final, which means you have time to plan, remodel, move in, etc., at your own pace. Cons: 1. Risk of Dual Mortgages: As of mid-2024, mortgage rates were near 7% (Bankrate). The burden of two mortgage payments while you wait for your home to sell could increase your payments significantly. 2. Complicates Financing: If you Buy a Home in California before selling, you may need alternative financing, such as a Bridge loan HELOC This temporarily raises your debt-to-income ratio (DTI) while you wait for your current home to sell, which can affect the approval of your loan. 3. Pressure to Sell Fast: If you are financing two homes simultaneously, you may end up negotiating with buyers for lower prices or less advantageous conditions because of the urgency of completing your sale. Selling Before Buying For most homeowners, selling before buying makes the most sense regarding finances and may provide a stronger negotiating position. Advantages: 1. Access to Equity: Selling before you buy releases home equity, part of over $32 trillion in home equity as of Q4 2023 (Federal Reserve), which you can then use as a down payment when you buy a home in California. 2. Better Mortgage Terms: With less debt rated through DTI and more cash reserves, lenders may offer better rates. Additionally, your offer is likely more appealing to sellers if they don't have to wait for your house to sell. 3. Avoid Dual Expenses: Avoid the risk of paying two mortgages, bills, and taxes, which creates more space for financial planning. 4. Stronger Purchase Offer: Being mortgage-ready with cash in hand helps in California's multiple-offer bidding wars—crucial if you're looking to Buy a House in California, where sales prices will likely exceed asking prices. Disadvantages: 1. Temporary Housing: Without a new home under contract, you may need to rent something or live with family, which is an inconvenience but sometimes a necessary step. 2. Double Moving Expense: Two moves and potential storage space can be expensive. A local move averages about $1,250, and long-distance moves averaging about 1,000 miles run $4,500 and $5,000 on average(Source). How to Successfully Buy a Home in California and Sell at the Same Time?1. Analyze Your Situation Work with an experienced real estate agent adept at helping clients buy and sell. They can help you analyze the current market and real estate values as you assess timing and outlook—while keeping both transactions in sync. 2. Understand When to Use Contract Contingencies If your next purchase will rely on the proceeds from your existing home, you should convey a home-sale contingency. This may protect you financially but weaken your offer if there is competition for the property. Your odds improve when you have a good home priced appropriately in the market and ready to show. 3. Think about a bridge loan Bridge loans provide short-term financing by leveraging equity in your current home to fund the next. They're ideal when you need flexibility but come with short terms, higher rates, and strict qualification requirements. 4. Plan Budget You may include taxes, relocation expenses, and, if necessary, short-term housing in your budget beyond the price of the home. A financial cushion ensures you're covered if closings don't align. Explore rent-back arrangements or temporary housing alternatives to handle discrepancies between transactions. Conclusion Choosing to Buy a Home in California while selling your current one can be complex—but with expert guidance, it's achievable. Trust Kim Eckert Homes to streamline your journey with smart strategy, timing, and support—helping you buy and sell seamlessly, even in California's competitive housing market. TIME BUSINESS NEWS
San Francisco Chronicle
13 hours ago
- San Francisco Chronicle
The GOP bill guts clean energy tax credits. Here are deadlines to use them
The massive tax and spending bill Republicans passed in Congress on Thursday phases out many of the clean energy credits and rebates from the 2022 Inflation Reduction Act. The credits and rebates for individuals weren't the only clean power cuts: Hard-line conservatives in the House told Politico their votes were swayed in part by promises from President Donald Trump to crack down on clean energy credits and large-scale projects for renewable energy like solar and wind power. Democrats and environmental groups have warned that the bill's clampdown on clean energy could increase people's power bills. Citing an analysis from think tank Energy Innovation, CNN reported that by 2035, Californians' electric bills could be 11% higher thanks to the changes in this bill. By contrast, China has made significant investments into clean energy in recent years, topping $940 billion in 2024. Clean energy made up 10% of China's GDP that year. Trump, who has repeatedly called climate change a 'hoax' and pulled the U.S. out of the Paris climate accords in his first term, is taking America down a different path. Here's what's going away and how long you have before it does. When do the electric vehicle credits end? Under the GOP bill, credits for electric vehicle purchases will no longer be available after Sept. 30 of this year. Married couples filing jointly earning less than $300,000 or single filers earning less than $150,000 are entitled to up to $7,500 off a new electric vehicle. For a used EV, the credit is $4,000 for married couples filing jointly earning $150,000 or less, heads of households earning $112,000 or less, or single filers earning $75,000 or less. Because of a loophole in the legislation, you can find good deals on lease for a lot of EVs and plug-in hybrids that utilize the credit as well. The end of this credit will particularly impact Californians. The state has the highest adoption rate of electric vehicles in America (6% of newly registered vehicles in the state between 2012 and 2022 were electric) and the best-selling new car in California has been the Tesla Model Y for several years. When will the clean energy credits and rebates end? Many clean energy credits and rebates are now set to sunset after Dec. 31, 2025. Here are some of the popular credits coming to an end: Up to $1,000 for electric chargers. People in certain rural or low-income areas can get up to $1,000 off chargers for electric vehicles. Up to $2,000 for heat pumps and heat pump water heaters. 30% off the cost of installing battery storage systems, geothermal heating and rooftop solar. These credit amounts are uncapped. Rewiring America says average credits are worth $4,800 for battery storage, $7,200 for geothermal and $4,600 for solar. People in low-income areas may be eligible for additional credits on solar. Up to $1,200 for weatherization. That can include projects like insulation and air sealing of doors and windows. Up to $600 for electrical panel upgrades. $150 off an energy audit. There are also a number of rebates that wound up on the chopping block. These will also end after Dec. 31, 2025. The Building Decarbonization Coalition maintains a list of rebates for which Californians are eligible at Switch Is On ( Like the tax credits, rebates may vary by your housing type (multifamily versus single family), income, filing status and other factors. Up to $8,000 off heat pumps. Up to $2,500 off electrical wiring. Up to $840 off electric stoves, cooktops, ovens, ranges and clothes dryers. Up to $1,750 off water heaters. Up to $1,500 off HVAC. Which credits are you eligible for? You can use this calculator from Rewiring America to find out which federal credits, discounts and rebates you're still eligible for, based on your ZIP code, utility provider, household income, tax filing status and household size.
