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Thursday, March 27, 2014

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Average Energy Prices, Cleveland-Akron-Lorain – February 2014


Gasoline prices averaged $3.389 a gallon in the Cleveland-Akron-Lorain area in February 2014, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Charlene Peiffer noted that area gasoline prices were down 32.0 cents compared to last February when they averaged $3.709 per gallon. Cleveland area households paid an average of 12.4 cents per kilowatt hour (kWh) of electricity in February 2014, up from 11.9 cents per kWh in February 2013. Utility (piped) gas averaged 81.3 cents per therm in February, up from its average price of 73.6 cents per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.) 

At $3.389 a gallon, costs for gasoline in the Cleveland area were close to the national average of $3.422 in February 2014. A year earlier, consumers in the Cleveland area also paid prices similar to the national average. Local prices for a gallon of gasoline have been close to the national average in three of the past five Februarys. (See chart 1.)

Chart 1. Average prices for gasoline, Cleveland-Akron-Lorain and the United States, 2010-2014 (as of February)

The 12.4 cents per kWh Cleveland households paid for electricity in February 2014 was 7.5 percent less than the nationwide average of 13.4 cents during this same period. A year earlier, electricity costs in the Cleveland area were 7.8 percent below the national average. Electricity prices in the Cleveland area have been at least 4.7 percent lower than the national average in the past four Februarys. (See chart 2.)

Chart 2. Average prices for electricity, Cleveland-Akron-Lorain and the United States, 2010-2014 (as of February)

Prices paid by Cleveland area consumers for utility (piped) gas, commonly referred to as natural gas, were 81.3 cents per therm or 24.6 percent below the national average of $1.078 per therm in February 2014. A year earlier, area consumers paid 26.2 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 last year’s 26.2 percent differential. (See chart 3.)

Chart 3. Average prices for utility (piped) gas, Cleveland-Akron-Lorain and the United States, 2010-2014 (as of February)

The Cleveland-Akron Consolidated Metropolitan Statistical Area (CMSA) 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/ro5/ro5econ1.htm.


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, Cleveland-Akron-Lorain and the United States, February 2013 - February 2014, 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
2013

February

$3.709 $3.748 $0.119 $0.129 $0.736 $0.997

March

3.761 3.792 0.120 0.128 0.742 0.994

April

3.627 3.647 0.120 0.128 0.765 1.020

May

3.712 3.682 0.120 0.131 0.820 1.036

June

3.860 3.693 0.137 0.137 0.821 1.038

July

3.510 3.687 0.136 0.137 0.812 1.025

August

3.600 3.658 0.136 0.137 0.716 1.003

September

3.546 3.616 0.125 0.137 0.681 1.000

October

NA 3.434 0.125 0.132 0.694 0.999

November

3.240 3.310 0.124 0.130 0.688 0.999

December

3.211 3.333 0.124 0.131 0.699 0.998
2014

January

3.358 3.378 0.124 0.134 0.741 1.040

February

3.389 3.422 0.124 0.134 0.813 1.078
NA - Data not adequate for publication.

 

Last Modified Date: March 27, 2014