Friday, November 28, 2014
Gasoline prices averaged $3.188 a gallon in the Cleveland-Akron-Lorain area in October 2014, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Charlene Peiffer noted that Cleveland area households paid an average of 12.6 cents per kilowatt hour (kWh) of electricity in October 2014, comparable to the 12.5 cents per kWh paid in October 2013. Utility (piped) gas averaged 76.3 cents per therm in October, up from its average price of 69.4 cents per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $3.188 a gallon, costs for gasoline in the Cleveland area were about 5 cents less than the national average of $3.241 in October 2014. In October 2011 and October 2012, prices for a gallon of gasoline in Cleveland were lower than the U.S. average by 21.6 and 23.3 cents, respectively. (See chart 1.)
The 12.6 cents per kWh Cleveland households paid for electricity in October 2014 was 7.4 percent less than the nationwide average of 13.6 cents during this same period. A year earlier, electricity costs in the Cleveland area, at 12.5 cents per kWh, were also less than the national average of 13.2 cents. Electricity prices in the Cleveland area have been lower by 5.3 percent or more than the national average during the past four Octobers (2011-2014). (See chart 2.)
Prices paid by Cleveland area consumers for utility (piped) gas, commonly referred to as natural gas, at 76.3 cents per therm, were 26.1 percent below the national average of $1.033 per therm in October 2014. A year earlier, area consumers paid 30.5 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 Octobers, ranging from 14.8 percent below in October 2010 to October 2012’s 30.8 percent differential. (See chart 3.)
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/regions/midwest/data/AverageEnergyPrices_SelectedAreas_Table.htm.
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.
|Year and month||Gasoling per gallon||Electricity per kWh||Utility (piped) gas per therm|
|Cleveland area||United States||Cleveland area||United States||Cleveland area||United States|
Last Modified Date: Friday, November 28, 2014