Gasoline prices averaged $3.124 a gallon in the Minneapolis-St. Paul-Bloomington area in February 2024, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down 26.1 cents compared to last February when they averaged $3.385 per gallon. Minneapolis area households paid an average of 17.7 cents per kilowatt hour (kWh) of electricity in February 2024, up from 16.3 cents per kWh in February 2023. The average cost of utility (piped) gas at $1.111 per therm in February was down from $1.309 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $3.124 a gallon, costs for gasoline in the Minneapolis area were 36.2 cents lower than the national average of $3.486 a gallon in February 2024. Last February, gasoline costs in Minneapolis were 23.7 cents lower than the national average. Over the past five Februarys, gasoline prices in the Minneapolis area have ranged from $3.407 to $2.253. (See chart 1.)

  

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Chart 1. Average prices for gasoline, the United States and Minneapolis-St.Paul-Bloomington, MN-WI, 2020–24 (as of February)

Period	United States	Minneapolis
Feb 2020	$2.530	$2.325
Feb 2021	$2.559	$2.333
Feb 2022	$3.675	$3.407
Feb 2023	$3.622	$3.385
Feb 2024	$3.486	$3.124
Source: U.S. Bureau of Labor Statistics.

The 17.7 cents per kWh that Minneapolis households paid for electricity in February 2024 was similar to the nationwide average cost of 17.3 cents per kWh. Last February, electricity costs in Minneapolis were 16.3 cents per kWh, compared to the national average of 16.8 cents. Over the past five Februarys, the Minneapolis area electricity prices have ranged from 17.7 cents to 14.6 cents. (See chart 2.)

  

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Chart 2. Average prices for electricity, the United States and Minneapolis-St.Paul-Bloomington, MN-WI, 2020–24 (as of February)

Period	United States	Minneapolis
Feb 2020	$0.134	$0.146
Feb 2021	$0.137	$0.149
Feb 2022	$0.148	$0.159
Feb 2023	$0.168	$0.163
Feb 2024	$0.173	$0.177
Source: U.S. Bureau of Labor Statistics.

Prices paid by Minneapolis area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.111 per therm in February 2024, 35.4 percent below the national average of $1.465 per therm. Over the past five Februarys, Minneapolis area utility (piped) gas prices have ranged from $1.309 to 74.4 cents per therm. (See chart 3.)

  

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Chart 3. Average prices for utility (piped) gas, the United States and Minneapolis-St.Paul-Bloomington, MN-WI, 2020–24 (as of February)

Period	United States	Minneapolis
Feb 2020	$1.050	$0.744
Feb 2021	$1.124	$0.817
Feb 2022	$1.413	$1.131
Feb 2023	$1.609	$1.309
Feb 2024	$1.465	$1.111
Source: U.S. Bureau of Labor Statistics.

The Minneapolis-St. Paul-Bloomington, MN-WI Core Based Statistical Area consists of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota; and Pierce and St. Croix Counties in Wisconsin.

The Consumer Price Index for March 2024 is scheduled to be released on Wednesday, April 10, 2024, at 7:30 a.m. (CT).

Average prices are estimated from Consumer Price Index (CPI) data for selected commodity series to support the research and analytic needs of CPI data users. Average prices for electricity, utility (piped) gas, and gasoline are published monthly for the U.S. city average, the 4 regions, 9 divisions, 2 population size classes, 8 region/size-class cross-classifications, and the 23 largest local index areas. For electricity, average prices per kilowatt-hour (kWh) are published. For utility (piped) gas, average prices per therm are published. For gasoline, the average price per gallon is published. Average prices for commonly available grades of gasoline are published as well as the average price across all grades.

All eligible prices are converted to a price per normalized quantity. These prices are then used to estimate a price for a defined fixed quantity. The average price per kilowatt-hour represents the total bill divided by the kilowatt-hour usage. The total bill is the sum of all items applicable to all consumers appearing on an electricity bill including, but not limited to, variable rates per kWh, fixed costs, taxes, surcharges, and credits. This calculation also applies to the average price per therm for utility (piped) gas.

Information in this release will be made available to sensory impaired individuals upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.