Friday, March 13, 2020
Gasoline prices averaged $2.617 per gallon in the New York-Newark-Jersey City area in February 2020, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that gasoline prices were down 14.0 cents from last February when area households paid $2.477 per gallon. Electricity prices averaged 20.1 cents per kilowatt hour (kWh), up slightly from the 19.6 cents per kWh paid in February 2019. The average price of utility (piped) gas, at $1.226 per therm, was less than last February’s price of $1.296. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $2.617 a gallon, the price of gasoline in the New York area was higher than the $2.530 national average in February 2020. One year earlier, consumers in the New York area paid close to the national average for a gallon of gasoline. For four of the past five years, the local price of a gallon of gasoline in February has been within 5 percent of the national average. (See chart 1.)
The 20.1 cents per kWh New York area households paid for electricity in February 2020 was 50 percent more than the national average of 13.4 cents per kWh. Last February, electricity prices were 44 percent higher in the New York area compared to the nation. Over the past five years, electricity prices for local area consumers in February were 36 to 50 percent more than the national average. (See chart 2.)
The average price paid in February 2020 by New York area consumers for utility (piped) gas, commonly referred to as natural gas, was $1.226 per therm, 17 percent more than the national average of $1.050. In February 2019, area consumers paid 23 percent more than the national average. The per-therm cost for natural gas in the New York area in February has exceeded the U.S. average by at least 13 percent over the past four years. (See chart 3.)
The New York-Newark-Jersey City, N.Y.-N.J.-Pa., Core Based Statistical Area includes Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; and Pike County in Pennsylvania.
The Consumer Price Index for March 2020 is scheduled to be released on Friday, April 10, 2020 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, 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; 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: Friday, March 13, 2020