A report from the Auto Club’s Weekend Gas Watch announced that gas prices in the Southern California area have decreased.
The August 8 report shared that the average price of regular, self-serve gasoline int he state was $4.60, four cents lower than the price one week ago. Similarly, the national average decreased by three cents in the same week, with a new average of $3.45.
In the Los Angeles-Long Beach area prices dropped from $4.62 to $4.57, which was 59 cents lower than the same week last year. San Diego prices dropped from $4.73 to $4.68, and the average price in Bakersfield went from $4.72 to $4.65.
Insurify reported that the cost of owning a car increased 9% in 2022, with rising insurance costs, inflation, and maintenance costs driving the increase. Due to these rising costs, 10% of drivers are considering selling a car, while almost 25% of drivers said they delayed purchasing a new car in 2023. The report found that car insurance is the main expense in owning a vehicle.
Nationwide, the cost of car insurance has risen 46.2% since January 2020, according to the Wall Street Journal (WSJ). These rising insurance costs are primarily being driven by inflation and excessive litigation. “Litigation abuse is also growing as plaintiff firms sue insurers for inflated damages,” the WSJ editorial board said. Insurance providers have been leaving several states, including California, due to “regulatory and legal uncertainty.”