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By Kristin Myers, Editor-in-Chief

ICYMI: Gas Prices Are Falling, Except in California

In case you missed it, drivers may finally get some relief at the pump. Gas prices have started to ease—that is unless you live in California. While most cities tracked by the Energy Information Administration (EIA) saw gas prices drop last week, San Francisco and Los Angeles saw gas prices rise modestly by 1% and 2%, respectively.

It's no secret that Russia's invasion of Ukraine has caused oil and gas prices to spike since February. Gas currently costs an average of over $4.20 per gallon, according to AAA. And across the country, gas prices are 1.5 times more expensive now than they were last year. Except for New York City and Seattle, many major cities tracked by EIA have seen gas prices rise 20% or more since last month.

Rising gas prices hit drivers with long commutes particularly hard as they are forced to shell out more and more of their income to get to work. In California, almost 22% of people spend 45 minutes or more commuting one way to work. Across the U.S., 17.6% of drivers have a one-way commute of that length.

- Kristin

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Off the Charts

With mortgage rates rising so quickly (and they've gone up even more sharply since February) the question on everyone's mind is whether home price increases may begin to moderate.

Prices soared as buyers competed for record-low numbers of listings during much of the pandemic, and while there are early signs that the rising rates may be shifting the supply and demand balance, it could take years for the for-sale listings to get back to normal levels, according to housing experts polled by real estate firm Zillow.

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Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen now to "Taxes in Ten."