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Friday, March 27, 2015

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Average Energy Prices, Cleveland-Akron-Lorain – February 2015

Gasoline prices averaged $2.265 a gallon in the Cleveland-Akron-Lorain area in February 2015, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Charlene Peiffer noted that area gasoline prices were down $1.124 compared to February 2014 when they averaged $3.389 per gallon. Cleveland area households paid an average of 13.5 cents per kilowatt hour (kWh) of electricity in February 2015, 8.9 percent higher than the12.4 cents per kWh paid in February 2014. Utility (piped) gas averaged 67.8 cents per therm in February, down from its average price of 81.3 cents per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $2.265 a gallon, costs for gasoline in the Cleveland area were comparable to the national average of $2.308 in February 2015. With the exception of February 2012, when average gasoline costs in Cleveland were 4.7 percent lower than the national average, average gasoline costs have been comparable to the U.S. average during the past five Februarys (2011-2015). (See chart 1.)

 Chart 1. Average prices for gasoline, Cleveland-Akron-Lorain and the United States, 2011-2015 (as of February)

The 13.5 cents per kWh Cleveland households paid for electricity in February 2015 was comparable to the nationwide average of 13.8 cents during this same period. A year earlier, electricity costs in the Cleveland area, at 12.4 cents per kWh, were 7.5 percent lower than the national average. Electricity prices in the Cleveland area have been lower by 4.7 percent or more than the national average during the past four Februarys (2011-2014). (See chart 2.)

 Chart 2. Average prices for electricity, Cleveland-Akron-Lorain and the United States, 2011-2015 (as of February)

Prices paid by Cleveland area consumers for utility (piped) gas, commonly referred to as natural gas, at 67.8 cents per therm, were 32.7 percent below the national average of $1.007 per therm in February 2015. A year earlier, area consumers paid 24.6 percent less per therm for natural gas compared to the nation. Utility (piped) gas prices in the Cleveland area have been lower than the national average in each of the past five Februarys, ranging from 11.6 percent below in February 2011 to February 2015’s 32.7 percent differential. (See chart 3.)

 Chart 3.  Average prices for utility (piped) gas, Cleveland-Akron-Lorain and the United States, 2011-2015 (as of February)

The Cleveland-Akron-Lorain, Ohio, Consolidated Metropolitan Statistical Area consists of Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Medina, Portage and Summit Counties in Ohio.

Historical average energy prices for the U.S. and select metropolitan areas are available at www.bls.gov/regions/midwest/data/averageenergyprices_selectedareas_table.htm.

The Consumer Price Index for March 2015 is scheduled to be released on Friday, April 17, 2015, at 8:30 a.m. (ET).


Technical Note

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, the 3 population size classes, 10 region/size-class cross-classifications, and the 14 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; Federal Relay Service: (800) 877-8339.

Table 1. Average prices for gasoline, electricity, and utility (piped) gas, Cleveland-Akron-Lorain and the United States, February 2014 – February 2015, not seasonally adjusted
Year and month Gasoline per gallon Electricity per kWh Utility (piped) gas per therm
Cleveland area United States Cleveland area United States Cleveland area United States

2014

 

February

$3.389 $3.422 $0.124 $0.134 $0.813 $1.078

March

3.629 3.590 0.124 0.135 0.915 1.154

April

3.670 3.717 0.126 0.131 0.842 1.137

May

3.755 3.745 0.126 0.136 0.814 1.111

June

3.886 3.750 0.142 0.143 0.839 1.088

July

3.546 3.690 0.140 0.143 0.819 1.093

August

3.458 3.540 0.140 0.143 0.811 1.060

September

3.397 3.463 0.127 0.141 0.750 1.058

October

3.188 3.241 0.126 0.136 0.763 1.033

November

2.943 2.945 0.125 0.134 0.760 1.035

December

2.601 2.618 0.126 0.135 0.753 1.060

2015

 

January

2.062 2.170 0.131 0.138 0.774 1.036

February

2.265 2.308 0.135 0.138 0.678 1.007

 

Last Modified Date: Friday, March 27, 2015