Average Energy Prices, Baltimore-Columbia-Towson – March 2024

Gasoline prices averaged $3.549 a gallon in the Baltimore-Columbia-Towson area in March 2024, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Alexandra Hall Bovee noted that area gasoline prices were up 5.6 percent compared to last March when they averaged $3.361 per gallon. Baltimore area households paid an average of 18.2 cents per kilowatt hour (kWh) of electricity in March 2024, up 2.8 percent from March 2023. The average cost of utility (piped) gas at $1.766 per therm in March 2024 was down from $1.827 per therm a year earlier. (See table 1.) (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $3.549 a gallon, costs for gasoline in the Baltimore area were 4.3 percent below the national average of $3.707 a gallon in March 2024. The prior four years in March, prices for a gallon of gasoline in Baltimore have ranged from 8.2 percent below to 2.8 percent below the U.S. average. (See chart 1.)

The 18.2 cents per kWh that Baltimore households paid for electricity in March 2024 was 4.6 percent higher than the nationwide average cost of 17.4 cents per kWh. Last March, electricity costs in Baltimore were 6.6 percent higher than the nation. Over the prior three years in March, prices for electricity in Baltimore have been below the U.S. average by 9.4 percent or less. (See chart 2.)

Prices paid by Baltimore area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.766 per therm in March 2024, 23.6 percent above the national average of $1.429 per therm. Utility (piped) gas prices in the Baltimore area the past four years in March have ranged from 9.4 percent to 28.4 percent above the U.S. average. (See chart 3.)

The Baltimore-Columbia-Towson, MD Core Based Statistical Area includes Anne Arundel, Baltimore, Carroll, Harford, Howard, and Queen Anne's Counties and Baltimore City in Maryland.

The Consumer Price Index for April 2024 is scheduled to be released on Wednesday, May 15, 2024, at 8:30 a.m. (ET).

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 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.

Table 1. Average prices for gasoline, electricity, and utility (piped) gas, the United States and Baltimore-Columbia-Towson, MD, March 2023-March 2024, not seasonally adjusted

Year and month	Gasoline per gallon	Electricity per kWh	Utility (piped) gas per therm
United States	Baltimore area	United States	Baltimore area	United States	Baltimore area
2023
March	$3.660	$3.361	$0.166	$0.177	$1.493	$1.827
April	3.839	3.611	0.165	0.177	1.413	1.420
May	3.794	3.527	0.165	0.175	1.385	1.459
June	3.821	3.521	0.170	0.176	1.371	1.409
July	3.842	3.677	0.169	0.176	1.395	1.449
August	4.064	3.850	0.170	0.176	1.402	1.482
September	4.107	3.691	0.171	0.170	1.377	1.444
October	3.910	3.441	0.169	0.185	1.388	1.461
November	3.623	3.331	0.168	0.182	1.442	1.510
December	3.411	3.253	0.169	0.183	1.429	1.571
2024
January	3.353	3.215	0.173	0.180	1.452	1.726
February	3.486	3.394	0.173	0.180	1.465	1.769
March	3.707	3.549	0.174	0.182	1.429	1.766

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