Tuesday, July 18, 2023
Gasoline prices averaged $3.721 a gallon in the New York-Newark-Jersey City area in June 2023, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner William J. Sibley noted that area gasoline prices were down $1.41 compared to last June when they averaged $5.131 per gallon. New York area households paid an average of 24.6 cents per kilowatt hour (kWh) of electricity in June 2023, which compared to the 24.8 cents per kWh paid in June 2022. The average cost of utility (piped) gas at $1.475 per therm in June was down from $1.674 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)
At $3.721 a gallon, costs for gasoline in the New York area were similar to the national average of $3.821 a gallon in June 2023. Last June, gasoline costs in New York were also similar to the nation. Over the past five Junes, gasoline prices in the New York area have ranged from $2.205 to $5.131 and have been close to the national average. (See chart 1.)
The 24.6 cents per kWh that New York households paid for electricity in June 2023 was 44.7 percent more than the nationwide average cost of 17.0 cents per kWh. Last June, electricity costs in New York were 24.8 cents per kWh, 55.0 percent higher than the national average. New York area electricity prices have exceeded the national average by 44.7 percent or more over the past five Junes. (See chart 2.)
Prices paid by New York area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.475 per therm in June 2023, 7.6 percent above the national average of $1.371. Utility (piped) gas prices in the New York area have ranged from $1.196 to $1.674 per therm over the previous five Junes. (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 July 2023 is scheduled to be released on Thursday, August 10, 2023, 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; 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, July 18, 2023