Wednesday, August 16, 2023
Gasoline prices averaged $4.172 a gallon in the Chicago-Naperville-Elgin area in July 2023, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down $1.192 compared to last July when they averaged $5.364 per gallon. Chicago area households paid an average of 16.2 cents per kilowatt hour (kWh) of electricity in July 2023, up from 14.7 cents per kWh in July 2022. The average cost of utility (piped) gas at 97.5 cents per therm in July was down from $1.762 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $4.172 a gallon, costs for gasoline in the Chicago area were 33.0 cents higher than the national average of $3.842 a gallon in July 2023. Over the past five Julys, gasoline prices in the Chicago area have ranged from 12.7 cents to 59.6 cents higher than the national average. (See chart 1.)
The 16.2 cents per kWh that Chicago households paid for electricity in July 2023 was 4.1 percent lower than the nationwide average cost of 16.9 cents per kWh. Last July, electricity costs in Chicago were 14.7 cents per kWh, 10.4 percent lower than the national average of 16.4 cents. Over the past five Julys, Chicago area electricity prices have ranged from 16.2 cents to 14.5 cents. (See chart 2.)
Prices paid by Chicago area consumers for utility (piped) gas, commonly referred to as natural gas, were 97.5 cent per therm in July 2023, 30.1 percent below the national average of $1.395 per therm. With the exception of July 2022, when Chicago area natural gas prices were 13.3 cents higher than the national average, local area utility (piped) gas prices in the Chicago area have been at least 11.3 percent below the national average over the previous five Julys. (See chart 3.)
The Chicago-Naperville-Elgin, IL-IN-WI Core Based Statistical Area consists of Cook, De Kalb, Du Page, 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 August 2023 is scheduled to be released on Wednesday, September 13, 2023, at 7:30 a.m. (CT).
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|
Last Modified Date: Wednesday, August 16, 2023