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Thursday, June 15, 2017
Gasoline prices averaged $2.511 per gallon in the New York-Northern New Jersey-Long Island area in May 2017, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that gasoline prices were up $0.185 compared to last May when area households paid $2.326 per gallon. Electricity prices averaged 20.2 cents per kilowatt hour (kWh), up from the 17.7 cents per kWh paid in May 2016. The average price of utility (piped) gas, at $1.136 per therm, was more than last May’s price of $0.898. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $2.511 a gallon, the price of gasoline in the New York area was 2.6 percent more than the $2.448 national average in May 2017. A year earlier, consumers in the New York area paid $2.326, similar to the national average of $2.324. For the past five years, the local price of a gallon of gasoline has been within 3 percent of the national average in the month of May. (See chart 1.)
The 20.2 cents per kWh New York households paid for electricity in May 2017 was 47 percent more than the national average of 13.7 cents per kWh. Last May, electricity prices were 33 percent higher in New York compared to the nation. From 2013 to 2017, local area electricity prices in May exceeded the nationwide average by as much as 51 percent. (See chart 2.)
The average price paid in May 2017 by New York area consumers for utility (piped) gas, commonly referred to as natural gas, was $1.136 per therm, compared to the national average of $1.036. In 2016, area consumers paid close to the national average for a therm of natural gas. In four of the past five years, the per therm cost for natural gas was at least 5 percent more in the New York area compared to the U.S. average. (See chart 3.)
The New York-Northern New Jersey-Long Island, N.Y.-N.J.-Conn.-Pa. Consolidated Metropolitan Statistical Area (CMSA) consists of Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York State; Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties in New Jersey; Fairfield County and parts of Litchfield, Middlesex, and New Haven Counties in Connecticut; and Pike County in Pennsylvania.
The Consumer Price Index for June 2017 is scheduled to be released on Friday, July 14, 2017 at 8:30 a.m. (ET).
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, the 3 population size classes, 10 region/size-class cross-classifications, and the 14 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; Federal Relay Service: 800-877-8339.
|Year and month||Gasoline per gallon||Electricity per kWh||Utility (piped) gas per therm|
|New York||United States||New York||United States||New York||United States|
Last Modified Date: Thursday, June 15, 2017