Tuesday, June 14, 2022
Gasoline prices averaged $4.828 per gallon in the New York-Newark-Jersey City area in May 2022, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that gasoline prices were up $1.79 from last May, when area households paid $3.038 per gallon. Electricity prices averaged 24.1 cents per kilowatt hour (kWh), up from the 21.4 cents per kWh paid in May 2021. The average price of utility (piped) gas, at $1.605 per therm, was greater than last May’s price of $1.250. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $4.828 a gallon, the price of gasoline in the New York area was close to the $4.695 national average in May 2022. One year earlier, gas prices in the New York area were also similar to the national average. The local price of a gallon of gasoline in May has been within 4.0 percent of the national average four of the past five years. (See chart 1.)
The 24.1 cents per kWh New York area households paid for electricity in May 2022 was 56.5 percent more than the national average of 15.4 cents per kWh. Last May, electricity prices were 52.9 percent higher in the New York area compared to the nation. Over the past five years, electricity prices for local area consumers in May were 42.6 to 56.5 percent more than the national average. (See chart 2.)
The average price paid in May 2022 by New York area consumers for utility (piped) gas, commonly referred to as natural gas, was $1.605 per therm, close to the national average of $1.565. In May 2021, local area consumers paid 4.1 percent more than the national average. From 2018 to 2020, May natural gas prices exceeded the national average by at least 15 percent. (See chart 3.)
The New York-Newark-Jersey City, NY-NJ-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 June 2022 is scheduled to be released on Wednesday, July 13, 2022 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 individuals with sensory impairments 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||New York area||United States||New York area||United States||New York area|
Last Modified Date: Tuesday, June 14, 2022