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News Release Information

24-557-BOS
Monday, March 18, 2024

Contacts Technical information: Media contact:
  • (617) 565-4141

Average Energy Prices, Boston-Cambridge-Newton — February 2024

Gasoline prices averaged $3.354 a gallon in the Boston-Cambridge-Newton area in February 2024, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner William J. Sibley noted that area gasoline prices were down 15.2 cents compared to last February. Boston area households paid an average of 29.1 cents per kilowatt hour (kWh) of electricity in February 2024, down from 38.6 cents per kWh in February 2023. The average cost of utility (piped) gas at $2.171 per therm in February was little changed from $2.203 per therm one year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $3.354 a gallon, costs for gasoline in the Boston area were close to the national average of $3.486 a gallon in February 2024. Last February, gasoline costs in Boston were similar to the national average. Over the past five Februarys, gasoline prices in the Boston area have ranged from $2.422 to $3.582. (See chart 1.)

The 29.1 cents per kWh that Boston households paid for electricity in February 2024 was 68.2 percent higher than the nationwide average cost of 17.3 cents per kWh. In February 2023, electricity costs in Boston were 38.6 cents per kWh, 129.8 percent above the national average of 16.8 cents. Over the past five years, Boston area electricity prices in February have exceeded the national average by at least 67.9 percent. (See chart 2.)

Prices paid by Boston area consumers for utility (piped) gas, commonly referred to as natural gas, were $2.171 per therm in February 2024, 48.2 percent higher than the national average of $1.465 per therm. Last February, Boston area natural gas prices were $2.203 per therm, 36.9 percent higher than the nationwide average. Over the past five Februarys, natural gas prices in the Boston area have ranged from $1.471 to $2.203. (See chart 3.)

The Boston-Cambridge-Newton, MA-NH Core Based Statistical Area covered in this release is comprised of Essex, Middlesex, Norfolk, Plymouth, Suffolk Counties in Massachusetts and Rockingham and Strafford Counties in New Hampshire.

The Consumer Price Index for March 2024 is scheduled to be released on Wednesday, April 10, 2024, at 8:30 a.m. (ET).


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 Boston-Cambridge-Newton, MA-NH, February 2023–February 2024, not seasonally adjusted
Year and month Gasoline per gallon Electricity per kWh Utility (piped) gas per therm
United States Boston area United States Boston area United States Boston area

2023

February

$3.622 $3.506 $0.168 $0.386 $1.609 $2.203

March

3.660 3.414 0.166 0.389 1.493 1.996

April

3.839 3.529 0.165 0.341 1.413 1.996

May

3.794 3.602 0.165 0.328 1.385 1.540

June

3.821 3.665 0.170 0.322 1.371 1.455

July

3.842 3.700 0.169 0.291 1.395 1.424

August

4.064 3.867 0.170 0.279 1.402 1.411

September

4.107 3.885 0.171 0.279 1.377 1.369

October

3.910 3.792 0.169 0.282 1.388 1.369

November

3.623 3.617 0.168 0.286 1.442 2.200

December

3.411 3.473 0.169 0.285 1.429 2.202

2024

January

3.353 3.356 0.173 0.297 1.452 2.171

February

3.486 3.354 0.173 0.291 1.465 2.171

 

Last Modified Date: Monday, March 18, 2024