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News Release Information

24-323-CHI
Friday, February 16, 2024

Contacts Technical information: Media contact:
  • (312) 353-1138

Average Energy Prices, Chicago-Naperville-Elgin – January 2024

Gasoline prices averaged $3.326 a gallon in the Chicago-Naperville-Elgin area in January 2024, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down 33.2 cents compared to last January when they averaged $3.658 per gallon. Chicago area households paid an average of 17.0 cents per kilowatt hour (kWh) of electricity in January 2024, up from 15.1 cents per kWh in January 2023. The average cost of utility (piped) gas at $1.005 per therm in January was down from $1.266 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

The cost of a gallon of gasoline in the Chicago area at $3.326 in January 2024, compared to the national average of $3.353 a gallon. Over the past five Januarys, gasoline prices in the Chicago area have ranged from $3.658 to $2.472 per gallon. (See chart 1.)


The 17.0 cents per kWh that Chicago households paid for electricity in January 2024 was comparable to the nationwide average cost of 17.3 cents per kWh. Last January, electricity costs in Chicago were 15.1 cents per kWh, 10.1 percent lower than the national average of 16.8 cents. Over the past five Januarys, Chicago area electricity prices have ranged from 17.0 cents to 14.0 cents per kWh. (See chart 2.)


Prices paid by Chicago area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.005 per therm in January 2024, 44.7 cents less than the national average of $1.452 per therm. Over the past five Januarys, Chicago area utility (piped) gas prices have ranged from 30.8 to 17.2 percent less per therm than the national average. (See chart 3.)


The Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area consists of Cook, De Kalb, Du Page, 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 February 2024 Consumer Price Index is scheduled to be released on Tuesday, March 12, 2024, at 7:30 a.m. (CT).


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, 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.

Table 1. Average prices for gasoline, electricity, and utility (piped) gas, the United States and Chicago-Naperville-Elgin, IL-IN-WI, January 2023–January 2024, not seasonally adjusted
Year and month Gasoline per gallon Electricity per kWh Utility (piped) gas per therm
United States Chicago area United States Chicago area United States Chicago area

2023

January

$3.555 $3.658 $0.168 $0.151 $1.819 $1.266

February

3.622 3.725 0.168 0.156 1.609 1.149

March

3.660 3.821 0.166 0.179 1.493 1.007

April

3.839 4.250 0.165 0.180 1.413 0.999

May

3.794 4.231 0.165 0.178 1.385 0.984

June

3.821 4.319 0.170 0.166 1.371 0.962

July

3.842 4.172 0.169 0.162 1.395 0.975

August

4.064 4.388 0.170 0.156 1.402 0.991

September

4.107 4.169 0.171 0.162 1.377 0.992

October

3.910 3.804 0.169 0.160 1.388 0.997

November

3.623 3.664 0.168 0.164 1.442 0.986

December

3.411 3.368 0.169 0.161 1.429 0.968

2024

January

3.353 3.326 0.173 0.170 1.452 1.005

 

Last Modified Date: Friday, February 16, 2024