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News Release Information

24-77-CHI
Wednesday, January 17, 2024

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

Average Energy Prices, Minneapolis-St. Paul-Bloomington – December 2023

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.)


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.)


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.)


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).


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 Minneapolis-St.Paul-Bloomington, MN-WI, December 2022–December 2023, not seasonally adjusted
Year and month Gasoline per gallon Electricity per kWh Utility (piped) gas per therm
United States Minneapolis area United States Minneapolis area United States Minneapolis area

2022

December

$3.459 $3.133 $0.165 $0.163 $1.667 $1.400

2023

January

3.555 3.275 0.168 0.161 1.819 1.356

February

3.622 3.385 0.168 0.163 1.609 1.309

March

3.660 3.348 0.166 0.168 1.493 1.129

April

3.839 3.577 0.165 0.172 1.413 1.055

May

3.794 3.561 0.165 0.180 1.385 1.014

June

3.821 3.548 0.170 0.200 1.371 0.979

July

3.842 3.560 0.169 0.191 1.395 1.028

August

4.064 3.847 0.170 0.192 1.402 1.032

September

4.107 3.934 0.171 0.183 1.377 1.002

October

3.910 3.597 0.169 0.176 1.388

November

3.623 3.307 0.168 0.170 1.442 0.929

December

3.411 3.021 0.169 0.170 1.429 0.995

Note: Dash (–) indicates no data available.

 

Last Modified Date: Wednesday, January 17, 2024