California Law Requires Majority Renewable Energy Sources by 2030

Energy efficiency is a popular topic around the world, especially when being discussed in relation to transportation and construction. The fact is, every time a new vehicle is produced or a new building is constructed, the total amount of energy usage in the world goes up. However, if engineers and designers are able to make the new products more energy-efficient than the ones they are replacing, then over time, energy consumption can realistically be reduced significantly. The main reason that many people oppose using "green" sources of power, like solar or wind, is that the types of equipment needed to produce and store renewable energy have very high initial costs when compared with non-renewable resources like gasoline and coal. Over time, the costs tend to be offset by lower electricity costs, but it can be difficult for a new homeowner to come up with an extra $10,000 or more to put up solar panels.

A law passed in California will make it so that new homeowners will no longer really have a choice on the matter. Surprisingly, the unanimous approval of the bill by the California Energy Commission was preceded by very little debate, which just goes to show how much of a priority clean energy is for Sacramento lawmakers. The new law now requires that, by 2030, over half of the energy used in the state will have to come from renewable resources (i.e. non-carbon fuels). Additionally, the electricity pricing scale in California is getting restructured over the next year. The new pricing is expected to adjust the rates based on what time of day electricity is being used. So, more energy-efficient homes (especially those with the capability of storing power) will be able to save money.

Even though California is already the country's leading state in terms of renewable energy sources like solar panels, solar power only provides about 16% of the state's total energy (significantly less than the future 50% requirement). In order to meet the expectations, builders/designers have two ways to incorporate solar power: they could design all new homes with solar panels on the roof, or they could design neighborhoods with a central hub of solar panels that can be used to supply power to all homes in the surrounding community. Analysts expect that the addition of solar panels to new construction houses will raise the price by at least $8,000. Although the electricity cost savings over years of solar panel usage will outweigh the extra cost over time, some homeowners might instead choose to "lease" the panels, by which they pay a monthly rate to use the solar panels instead of buying the panels outright.

There are other sources of green energy that don't involve solar panels, but many of them require a very large investment in local infrastructure. Generally, wind energy and nuclear power are difficult to collect on an individual basis. It's not like designers could realistically put up a wind turbine in every backyard. So, although the panels are costly and the technology still needs time to advance, solar energy seems to be the only way of accomplishing the legally-mandated goal by 2030 without having a private company take over the electricity grid. It's hard to tell what options will be cheaper in the long run, but for now, solar seems to be the safest bet.

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How to Choose a Rewards Credit Card That's Right for You

Credit cards can have many uses to different consumers. For some, it is a convenient way to keep their finances organized: spend money on the credit card all month, then pay one bill at the end. Others use credit cards to spend money that they don't currently have so that they can pay off the bill later when they have the money to pay it. Still others use credit cards for the sole purpose of building credit, to help them get lower APR when buying a car or getting a mortgage on a house. For many users, according to Chanelle Bessette's L.A. Times article, it's the rewards and extra bonuses that interest people in various credit cards.

If used properly, rewards credit cards can help users to get cash back, airline miles, and other perks. However, as with anything, there are both pros and cons. The best rewards cards give thousands of points as a signing bonus for charging a certain amount of money in a designated amount of time. Then, they offer points (or miles or cash back) for every dollar charged to the card in the future. Users can often get a flat amount of cash back on every purchase or can get special rates like 5% cash back on gasoline purchases. Some cards offer miles on airlines, which can essentially let you fly almost anywhere in the world as a reward for spending on the credit card.

On the downside, many of the best rewards cards have annual fees. The better your benefits from a rewards card, the more likely it is that the annual fees are high. For some cards, the annual fees can be hundreds of dollars, so they are more beneficial for people who will use them a lot in the year, gaining as many rewards as possible. Also be aware that some rewards cards extra fees when used overseas, or may not even be accepted by overseas vendors.

So, when deciding if a rewards card is right for you, there are several factors. Do you have great credit? Better cards require higher credit scores.  Do you often carry a balance on your credit card? Rewards cards tend to have higher APR, so the interest you pay could outweigh the rewards. If you travel a lot, a rewards card that offers mileage could be a good choice. If you spend a lot of money in certain categories each month, like gasoline or groceries, you can choose the right rewards card for you to maximize your benefits. All in all, there is no right or wrong answer. Rewards cards should be obtained only after careful consideration, on a case-by-case basis.

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Scam Uses Stolen Credit Card Data to Illegally Resell Gasoline

Improvements in technology are great in many ways. They save money, make life more convenient, and help people to do good in the world. However, technological advancement can often have drawbacks as well. One of the main issues in recent years is the average criminal's increasing ability to get away with financial crimes. The more technologically advanced something is, the more opportunities there are for criminals to hack in or scam people. According to an article by the Associated Press of the Los Angeles Times, one of the latest scams involves using stolen credit card information to resell gasoline on the black market.

The first part of the scam involves attaching 3D-printed credit card "skimmers" to ATMs or other credit card readers, such as those at gas stations. When someone swipes their card through the skimmer without realizing that it's not actually part of the machine, it records the credit card's data for the scammer's use. Then, the scammer is able to transfer the information to a fake card later, which they can use to make purchases. As devices get more advanced and criminals become more tech-savvy, the crimes continue to increase.

Once they have the counterfeit cards with someone else's data on it, the thieves go to gas stations with specially-designed trucks with hidden fuel tanks that can hundreds of gallons of gasoline. Then, they go off and empty the fuel from the trucks into 4,500-gallon industrial tankers. Finally, the tankers turn around and sell the gasoline back to the gas stations or to people on construction sites or to truckers looking to get a discount. Even the smallest gangs of criminals can steal thousands of dollars per day in gasoline, which can be more profitable with fewer risks than other money-making scams.

These types of crimes started sometime around 2006 when the skimmer technology was first developed. Since then, thieves have been using the strategy more and more, mainly in populous states with many busy interstates, such as California, Florida, and Texas. At first, law enforcement did little to combat these crimes, since they were only targeting a couple hundred dollars per transaction. It was seen as a "victimless crime," because the targets could dispute the charges on their credit card statements and generally get the money back. Because of the "slap-on-the-wrist" view of this type of crime, more and more thieves joined up, to the extent that some gangs are making up to $20 million per year off of stolen gasoline.

Because this is a financial crime, the US Secret Service is  involved and is investigating various gangs of criminals, shutting down these groups when they can, and are working on instituting tougher laws to dissuade other criminals from going after the "low-hanging fruit." Gas stations are also looking into installing devices on their pumps that shut the machine down if it is tampered with. Generally, everyone should just be on alert and do what they can to avoid being targeted by a similar scam. Be careful when using your credit card somewhere you don't trust, and if something looks suspicious, you should report it to the authorities.

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Memorial Day Weekend Predicted to See Record High Number of Vacationers

National holidays, especially those that fall at the beginning or the end of a weekend, tend to lead to travel plans for a lot of Americans. The three- or four-day weekend is the perfect time for many vacationers to spend some time away from home with their family and friends. While holidays like Thanksgiving, Christmas, and New Year's usually lead to a lot of travel plans, many people prefer the shorter weekend trips over Veteran's Day or President's Day. According to Hugo Martin's L.A. Times article, the upcoming Memorial Day weekend is expected to break records in terms of the number of vacationers. 

According to experts, this phenomenon could be due in large part to falling gas prices. As the cost of gasoline goes down, it becomes cheaper to travel, which is encouraging for people who want to go on vacation. It's expected that the prices will stay low at around $3 per gallon, which is the cheapest they've been over Memorial Day weekend since 2009. Partially due to the low gas prices, most of the vacationers are expected to be driving. In fact, statistics show that around 2.52 million will be driving to their destinations, a 2.9% increase from last year.

Similarly, there is expected to be a 3.4% increase in the total number of vacationers, up to 3.03 million Southern Californians, according to the Auto Club of Southern California. This will be the sixth consecutive year where the number of travelers increased, potentially a sign of a strengthening economy, in which consumers feel secure enough to spend money on travel. Some of the top destinations for travelers include San Francisco, San Diego, and Las Vegas, as well as famous landmarks like the Grand Canyon and some national parks.

The biggest increase of all, however, is among the number of Californians choosing airplanes as their mode of transportation. Over this Memorial Day weekend, over 300,000 Californians are expected to fly on commercial airlines, which is a 6.2% increase from last year's numbers. Even with all of the recent issues with airlines, the growing numbers could indicate that people are traveling further, which means that they are taking more time off of work than just the three-day weekend. That could point to growing comfort with the state of the economy or better financial management on the part of consumers looking to go on vacation. 

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U.S. Takes Second Place in World Oil Reserves

The top oil-producing countries in the world are Russia, Saudi Arabia, Canada, and the United States. A few short years ago, the US was dead last in that hierarchy based on estimates of total recoverable oil throughout each country. As shown in Rob Nikolewski's L.A. Times article, a recent study by Rystad Energy has shown that the United States has beaten out some of its former competition, taking second place behind Canada as one of the world's top oil producers.

The amount of "recoverable oil reserves" is calculated based on how much of a country's oil is both technologically and economically feasible to extract. In other words, if it is too deep to get out or will cost more money to mine than can be earned in the market, then it isn't calculated in the country's total reserves. Leaders in the oil industry have determined that the United States' improved position in the market is likely due to technological advancements, especially those that enable the procurement of shale oil.

Shale oil is a type of oil found in some sedimentary rocks that can be extracted pressurized drilling. It is a type of oil that was previously ignored or not considered useful because it was harder to extract. However, since much of the "easier to access" oil has been extracted and used up over decades of drilling, the technology advanced to keep up with demand. Additionally, other forms of drilling technology, such as hydraulic fracturing, or "fracking," which involves the pumping of pressurized fluid into otherwise-empty oil well in order to force any remaining oil out have added to US reserves. Texas by itself has over 60 billion barrels worth of shale oil, an amount comparable to the total oil reserves in the entire country of Mexico.

The Rystad study concluded that there are approximately 2.1 trillion barrels of oil globally, from over 60,000 oil wells. Over half of the reserves in the US are shale oil deposits, which, since they are more difficult to extract, can incur extra costs. Right now, oil prices are very low, which might seem like a good thing to the average consumer. However, when prices stay low for too long, producers can;t extract more oil in an economical manner, which reduces the total amount in the market, which can cause prices to shoot up.

According to one economist, if oil prices stay below $50 per barrel, miners will not put in the investment to tap shale oil reserves. If prices get closer to $100, he predicts that the US will provide a significant portion of the oil market over the next few years. So, even though the US has plenty of oil deposits in Texas, California, South Dakota, and Alaska, and technology can help the mining along, prices will have to go up in the short-term in order to keep gasoline prices steady in future years.

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