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Thursday, June 16, 2016

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Average Energy Prices, Miami-Fort Lauderdale – May 2016

Gasoline prices averaged $2.293 a gallon in the Miami-Fort Lauderdale area in May 2016, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that area gasoline prices were down 39.4 cents compared to last May when they averaged $2.687 per gallon. Miami area households paid an average of 10.8 cents per kilowatt hour (kWh) of electricity in May 2016, down from 11.6 cents per kWh in May 2015. The average price of utility (piped) gas at $1.446 per therm in May, was less than the $1.529 per therm spent last year. (Data in this report are not seasonally adjusted. Accordingly, month-to-month changes may reflect the impact of seasonal influences.)

Miami area consumers paid $2.293 a gallon for gasoline in May 2016, similar to the $2.324 paid nationally. A year earlier, consumers in the Miami area paid 5.1 percent less than the national average for a gallon of gasoline. In four of the last five years, prices paid for a gallon of gasoline was similar to the national average in the month of May. (See chart 1.)

The 10.8 cents per kWh Miami households paid for electricity in May 2016 was 18.8 percent less than the nationwide average of 13.3 cents per kWh. Last May, electricity costs were 15.3 percent lower in Miami compared to the nation. The local price of electricity in the Miami area in May was at least 10 percent less than the U.S. average in each of the last five years. (See chart 2.)

Chart 2. Average prices for electricity, Miami-Fort Lauderdale and the United States, 2012–2016 (as of May)

Prices paid by Miami area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.446 per therm, or 64.9 percent higher than the national average in May 2016 ($0.877 per therm). A year earlier, area consumers paid 64.4 percent more per therm for natural gas than the nation. In each of the last five years, the per therm cost for natural gas in the Miami area exceeded the U.S. average by more than 45 percent in the month of May. (See chart 3.)

Chart 3. Average prices for utility (piped) gas, Miami-Fort Lauderdale and the United States, 2012–2016 (as of May)

The Miami-Fort Lauderdale, Fla., Metropolitan Statistical Area consists of Broward and Miami-Dade Counties in Florida.

The Consumer Price Index for June 2016 is scheduled to be released on Friday, July 15, 2016.


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 from 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, Miami-Fort Lauderdale and the United States, May 2015-2016, not seasonally adjusted
Year and month Gasoline per gallon Electricity per kWh Utility (piped) gas per therm
Miami area United States Miami area United States Miami area United States

2015

           

May

2.687 2.832 0.116 0.137 1.529 0.930

June

2.776 2.889 0.116 0.143 1.547 0.942

July

2.752 2.893 0.116 0.142 1.518 0.933

August

2.556 2.745 0.116 0.142 1.518 0.932

September

2.342 2.463 0.116 0.141 1.518 0.921

October

2.274 2.357 0.116 0.136 1.518 0.909

November

2.225 2.249 0.116 0.134 1.519 0.903

December

2.154 2.125 0.116 0.133 1.519 0.892

2016

           

January

2.041 2.034 0.112 0.134 1.509 0.898

February

1.884 1.833 0.112 0.134 1.509 0.895

March

1.988 2.021 0.113 0.134 1.473 0.884

April

2.146 2.196 0.108 0.134 1.446 0.879

May

2.293 2.324 0.108 0.133 1.446 0.877

 

Last Modified Date: Thursday, June 16, 2016