Monday, November 23, 2020
Gasoline prices averaged $2.253 per gallon in the Chicago-Naperville-Elgin area in October 2020, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down 48.0 cents compared to October 2019 when they averaged $2.733 per gallon. Chicago area households paid an average of 14.2 cents per kilowatt-hour (kWh) of electricity in October 2020, less than the 16.6 cents in October 2019. In October, the average cost of utility (piped) gas was 79.3 cents per therm, more than its average price of 76.7 cents per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
The $2.253 per gallon Chicago households paid for gasoline in October 2020 was similar to the nationwide average of $2.228. In the previous four years, in October (2016-2019), gasoline prices in the Chicago area ranged from 4.1 cents less to 11.5 cents more per gallon than the nationwide average. (See chart 1.)
The 14.2 cents per kWh that Chicago households paid for electricity in October 2020 was higher than the national average cost of 13.5 cents per kWh. With the exception of October 2017, average electricity costs in Chicago were higher than the national average in the previous four years (2016-2019) in October, ranging from 10.4 percent to 22.1 percent more. (See chart 2.)
Prices paid by Chicago area households for utility (piped) gas, commonly referred to as natural gas, were 79.3 cents per therm in October 2020, 25.7 percent less than the national average of $1.067 per therm. In each of the previous four years (2016-2019) in October, Chicago area utility (piped) gas costs were lower than the national average, ranging from 11.3 percent to 26.3 percent less. (See chart 3.)
The Chicago-Naperville-Elgin, IL-IN-WI, core based statistical area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will Counties in Illinois; Jasper, Lake, Newton, and Porter Counties in Indiana; and Kenosha County in Wisconsin.
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 November 2020 is scheduled to be released on Thursday, December 10, 2020.
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.
|Year and month||Gasoline per gallon||Electricity per kWh||Utility (piped) gas per therm|
|Chicago area||United States||Chicago area||United States||Chicago area||United States|
Last Modified Date: Monday, November 23, 2020