Thursday, March 16, 2023
Gasoline prices averaged $3.725 per gallon in the Chicago-Naperville-Elgin area in February 2023, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down 7.1 cents compared to February 2022, when they averaged $3.796 per gallon. Chicago area households paid an average of 15.6 cents per kilowatt-hour (kWh) of electricity in February 2023, compared to the 16.0 cents per kilowatt-hour paid in February 2022. In February, the average cost of utility (piped) gas was $1.149 per therm, compared to the $1.132 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
The $3.725 per gallon Chicago area households paid for gasoline in February 2023 was 10.3 cents more than the nationwide average of $3.622. In the previous four years, in February (2019-2022), gasoline prices in the Chicago area were as much as 12.1 cents more than the national average. (See chart 1.)
The 15.6 cents per kWh that Chicago area households paid for electricity in February 2023 was 7.1 percent less than the national average cost of 16.8 cents per kWh. In the previous four years, in February (2019-2022), electricity costs in the Chicago area were as much as 18.4 percent more than the national average. (See chart 2.)
Prices paid by Chicago area households for utility (piped) gas, commonly referred to as natural gas, were $1.149 per therm in February 2023, 28.6 percent less than the national average of $1.609 per therm. In the previous four years (2019-2022), in February, Chicago area utility (piped) gas costs were lower than the national average by as much as 26.7 percent less. (See chart 3.)
The Chicago-Naperville-Elgin, IL-IN-WI, core based statistical area consists of Cook, DeKalb, DuPage, 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 Consumer Price Index for March 2023 is scheduled to be released on Wednesday, April 12, 2023.
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.
|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|
|4.768||5.364||(R) 0.164||(R) 0.147||1.629||1.762|
Last Modified Date: Thursday, March 16, 2023