Average Energy Prices, Chicago Naperville Elgin – July 2024

Gasoline prices averaged $4.226 a gallon in the Chicago-Naperville-Elgin area in July 2024, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices averaged $4.172 per gallon in July 2023. Chicago area households paid an average of 16.7 cents per kilowatt hour (kWh) of electricity in July 2024, up from 16.2 cents per kWh in July 2023. The average cost of utility (piped) gas was $1.057 per therm in July, up from 97.5 cents per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $4.226 a gallon, gasoline costs in the Chicago area were 47.9 cents higher than the national average of $3.747 a gallon in July 2024. Last July, gasoline costs in Chicago were 33 cents higher than the national average. Over the past five Julys, gasoline prices in the Chicago area have ranged from $5.364 to $2.370. (See chart 1.)

The 16.7 cents per kWh that Chicago households paid for electricity in July 2024 was 6.2 percent lower than the nationwide average cost of 17.8 cents per kWh. Last July, electricity costs in Chicago were 16.2 cents per kWh, compared to the national average of 16.9 cents. Over the past five Julys, electricity prices in the Chicago area have ranged from 16.7 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 $1.057 per therm in July 2024, 24.9 percent below the national average of $1.408 per therm. Utility (piped) gas prices in the Chicago area have ranged from 30.1 percent below to 8.2 percent above the national average over the previous five Julys. (See chart 3.)

The Chicago-Naperville-Elgin, IL-IN-WI Metropolitan 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.

The August 2024 Consumer Price Index is scheduled to be released on Wednesday, September 11, 2024, at 7:30 a.m. (CT).

Technical Note

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.

Table 1. Average prices for gasoline, electricity, and utility (piped) gas, the United States and Chicago-Naperville-Elgin, IL-IN-WI, July 2023-July 2024, not seasonally adjusted

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
2023
July	$3.842	$4.172	$0.169	$0.162	$1.395	$0.975
August	4.064	4.388	0.170	0.156	1.402	0.991
September	4.107	4.169	0.171	0.162	1.377	0.992
October	3.910	3.804	0.169	0.160	1.388	0.997
November	3.623	3.664	0.168	0.164	1.442	0.986
December	3.411	3.368	0.169	0.161	1.429	0.968
2024
January	3.353	3.326	0.173	0.174	1.452	1.005
February	3.486	3.583	0.173	0.177	1.465	1.040
March	3.707	4.009	0.174	0.177	1.429	1.015
April	3.907	4.202	0.173	0.178	1.375	0.991
May	3.885	4.233	0.175	0.186	1.369	1.000
June	3.729	4.155	0.178	0.168	1.407	1.031
July	3.747	4.226	0.178	0.167	1.408	1.057

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