Thursday, June 14, 2018
Gasoline prices averaged $3.000 a gallon in the Philadelphia-Camden-Wilmington area in May 2018, the U.S. Bureau of Labor Statistics reported today. Sheila Watkins, the Bureau’s Regional Commissioner, noted that area gasoline prices were up 18.7 percent from last May when they averaged $2.528 per gallon. Philadelphia-area households paid an average of 15.3 cents per kilowatt hour (kWh) of electricity in May 2018, close to the 15.2 cents paid in May 2017. The average cost of utility (piped) gas at $1.111 per therm in May was 4.5 percent higher than its price of $1.063 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $3.000 a gallon, the price for gasoline in the Philadelphia area was close to the national average of $2.963 a gallon in May 2018. Last May, gasoline prices in the Philadelphia area were also close to the national average. From 2014 to 2016, local and national prices for gasoline in May differed by 3.3 percent or less. (See chart 1 and table 1.)
The 15.3 cents per kWh that Philadelphia households paid for electricity in May 2018 was 12.5 percent higher than the nationwide average cost of 13.6 cents per kWh. Last May, electricity prices in Philadelphia were 10.9 percent higher than the nation. From 2014 to 2016, prices paid by Philadelphia-area consumers for electricity in May exceeded the U.S. average by 13.9 percent or more. (See chart 2.)
The price paid by Philadelphia-area consumers for utility (piped) gas, commonly referred to as natural gas, was $1.111 per therm in May 2018, 5.8 percent higher than the national average of $1.050 per therm. Utility (piped) gas prices in the Philadelphia area were also above the national average in May for the previous four years, ranging from 2.6 percent to 20.2 percent higher. (See chart 3.)
The Consumer Price Index for June 2018 is scheduled to be released on Thursday, July 12, 2018, at 8:30 a.m. (ET).
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; Federal Relay Service: (800) 877-8339.
The Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Core Based Metropolitan Statistical Area includes Bucks, Chester, Delaware, Montgomery, and Philadelphia Counties in Pennsylvania; Burlington, Camden, Gloucester, and Salem Counties in New Jersey; New Castle County in Delaware; and Cecil County in Maryland.
|Year and Month||Gasoline per gallon||Electricity per kWh||Utility (piped) gas per therm|
|Philadelphia||United States||Philadelphia||United States||Philadelphia||United States|
Last Modified Date: Thursday, June 14, 2018