Gasoline prices averaged $3.021 a gallon in the Minneapolis-St. Paul-Bloomington area in December 2023, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down 11.2 cents compared to last December when they averaged $3.133 per gallon. Minneapolis area households paid an average of 17.0 cents per kilowatt hour (kWh) of electricity in December 2023, up from 16.3 cents per kWh in December 2022. The average cost of utility (piped) gas at 99.5 cents per therm in December was down from $1.400 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $3.021 a gallon, costs for gasoline in the Minneapolis area were 39 cents lower than the national average of $3.411 a gallon in December 2023. Last December, gasoline costs in Minneapolis were 32.6 cents lower than the national average. Over the past five Decembers, gasoline prices in the Minneapolis area have ranged from $3.151 to $1.959 per gallon. (See chart 1.)

  

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Chart 1. Average prices for gasoline, the United States and Minneapolis-St.Paul-Bloomington, MN-WI, 2019–23 (as of December)

Period	United States	Minneapolis
Dec 2019	$2.652	$2.407
Dec 2020	$2.235	$1.959
Dec 2021	$3.505	$3.151
Dec 2022	$3.459	$3.133
Dec 2023	$3.411	$3.021
Source: U.S. Bureau of Labor Statistics.

The 17.0 cents per kWh that Minneapolis households paid for electricity in December 2023 was similar to the nationwide average cost of 16.9 cents per kWh. Last December, electricity costs in Minneapolis were 16.3 cents per kWh, compared to the national average of 16.5 cents. Over the past five Decembers, Minneapolis area electricity prices have ranged from 17.0 cents to 14.1 cents. (See chart 2.)

  

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Chart 2. Average prices for electricity, the United States and Minneapolis-St.Paul-Bloomington, MN-WI, 2019–23 (as of December)

Period	United States	Minneapolis
Dec 2019	$0.133	$0.141
Dec 2020	$0.136	$0.147
Dec 2021	$0.142	$0.148
Dec 2022	$0.165	$0.163
Dec 2023	$0.169	$0.170
Source: U.S. Bureau of Labor Statistics.

Prices paid by Minneapolis area consumers for utility (piped) gas, commonly referred to as natural gas, were 99.5 cents per therm in December 2023, 30.4 percent below the national average of $1.429 per therm. Over the past five Decembers, Minneapolis area utility (piped) gas prices have ranged from $1.400 to 75.5 cents per therm. (See chart 3.)

  

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Chart 3. Average prices for utility (piped) gas, the United States and Minneapolis-St.Paul-Bloomington, MN-WI, 2019–23 (as of December)

Period	United States	Minneapolis
Dec 2019	$1.057	$0.755
Dec 2020	$1.114	$0.803
Dec 2021	$1.402	$1.160
Dec 2022	$1.667	$1.400
Dec 2023	$1.429	$0.995
Source: U.S. Bureau of Labor Statistics.

The Minneapolis-St. Paul-Bloomington, MN-WI Core Based Statistical Area consists of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota; and Pierce and St. Croix Counties in Wisconsin.

The Consumer Price Index for January 2024 is scheduled to be released on Tuesday, February 13, 2024, at 7:30 a.m. (CT).

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; Telecommunications Relay Service: 7-1-1.