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Tuesday, April 15, 2014

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Average Energy Prices, Miami-Fort Lauderdale – March 2014

Gasoline prices averaged $3.664 a gallon in the Miami-Fort Lauderdale area in March 2014, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Janet S. Rankin noted that area gasoline prices were down 23.7 cents compared to last March when they averaged $3.901 per gallon. Miami area households paid an average of 12.0 cents per kilowatt hour (kWh) of electricity in March 2014, up from 11.5 per (kWh) in March 2013. The average price of utility (piped) gas at $1.642 per therm in March was more than the $1.519 per therm spent last year. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

Miami area consumers paid $3.664 a gallon for gasoline in March 2014, compared to $3.590 nationally. A year earlier, consumers in the Miami area paid close to the national average for a gallon of gasoline. The local price of a gallon of gasoline was similar to the national average in the month of March in each of the past five years. (See chart 1.)

Chart 1. Average prices for gasoline, Miami-Fort Lauderdale and the United States, 2010-2014 (as of March)


The 12.0 cents per kWh Miami households paid for electricity in March 2014 was 11.1 percent less than the nationwide average of 13.5 cents per kWh. Last March, electricity costs were 10.2 percent lower in Miami compared to the nation. The local price of electricity in the Miami area in March was at least 10 percent less than the U.S. over the last five years. (See chart 2.)

Chart 2. Average prices for electricity, Miami-Fort Lauderdale and the United States, 2010-2014 (as of March)


Prices paid by Miami area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.642 per therm, or 42.3 percent more compared to the national average in March 2014 ($1.154 per therm). A year earlier, area consumers paid 52.8 percent more per therm for natural gas compared to the nation. In each of the past five years, the per therm cost for natural gas in March was at least 42 percent more in the Miami area versus the U.S. average. (See chart 3.)

Chart 3. Average prices for utility (piped) gas, Miami-Fort Lauderdale and the United States, 2010-2014 (as of March)


The Miami-Fort Lauderdale, Fla. Consolidated Metropolitan Statistical Area (CMSA) consists of Broward and Miami-Dade Counties in Florida.

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, the 3 population size classes, 10 region/size-class cross-classifications, and the 14 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 from this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service: 800-877-8339.

Table 1. Average prices for gasoline, electricity, and utility (piped) gas, Miami-Fort Lauderdale and the United States, March 2013-2014, not seasonally adjusted
Year and Month Gasoline per gallon Electricity per kWh Utility (piped) gas per therm
Miami area United States Miami area United States Miami area United States
2013

March

3.901 3.792 0.115 0.128 1.519 0.994

April

3.703 3.647 0.115 0.128 1.519 1.020

May

3.600 3.682 0.115 0.131 1.519 1.036

June

3.644 3.693 0.115 0.137 1.519 1.038

July

3.690 3.687 0.115 0.137 1.519 1.025

August

3.697 3.658 0.115 0.137 1.489 1.003

September

3.649 3.616 0.115 0.137 1.489 1.000

October

3.502 3.434 0.115 0.132 1.516 0.999

November

3.437 3.310 0.115 0.130 1.529 0.999

December

3.534 3.333 0.114 0.131 1.542 0.998
2014

January

3.527 3.378 0.120 0.134 1.606 1.040

February

3.534 3.422 0.119 0.134 1.606 1.078

March

3.664 3.590 0.120 0.135 1.642 1.154

Last Modified Date: April 15, 2014