Department of Labor Logo United States Department of Labor
Dot gov

The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.

Https

The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

News Release Information

24-1178-CHI
Tuesday, June 18, 2024

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

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

Gasoline prices averaged $4.233 a gallon in the Chicago-Naperville-Elgin area in May 2024, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were comparable to last May when they averaged $4.231 per gallon. Chicago area households paid an average of 18.6 cents per kilowatt hour (kWh) of electricity in May 2024, up from 17.8 cents per kWh in May 2023. The average cost of utility (piped) gas was $1.000 per therm in May, similar to the 98.4 cents per therm paid 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 was $4.233 in May 2024, which was 34.8 cents higher than the national average of $3.885 a gallon. Over the past five Mays, gasoline prices in the Chicago area have ranged from $5.027 to $2.166 per gallon. (See chart 1.)


The 18.6 cents per kWh that Chicago households paid for electricity in May 2024 was 6.3 percent higher than the nationwide average cost of 17.5 cents per kWh. Last May, electricity costs in Chicago were 17.8 cents per kWh, 7.9 percent higher than the national average of 16.5 cents. Over the past five Mays, electricity prices in the Chicago area have ranged from 18.6 cents to 14.6 cents per kWh. (See chart 2.)


Prices paid by Chicago area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.000 per therm in May 2024, 36.9 cents less than the national average of $1.369 per therm. Over the past five Mays, Chicago area utility (piped) gas prices have ranged from 40.1 cents less to 6.9 cents more 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 June 2024 Consumer Price Index is scheduled to be released on Thursday, July 11, 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, May 2023–May 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

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 0.174 1.452 1.005

February

3.486 3.583 0.173 0.177 1.465 1.040

March

3.707 4.009 0.174 0.177 1.429 1.015

April

3.907 4.202 0.173 0.178 1.375 0.991

May

3.885 4.233 0.175 0.186 1.369 1.000

 

Last Modified Date: Tuesday, June 18, 2024