Gas prices in New York City have decreased over the past year, but data shows that residents are now spending more on other energy sources.
The Bureau of Labor Statistics recently released energy price data for the New York metropolitan area for December 2024, shedding light on how local prices compare to the national average.
Gasoline prices in the region averaged $3.188 per gallon, a drop of 31.6 cents from the $3.504 recorded in December 2023. Notably, this was 8.9 cents lower than the national average of $3.277, making it the first time in five years that New York’s December gas prices were below the U.S. average.
While drivers are benefiting from lower fuel costs, other energy expenses have risen. Electricity prices increased from 24.1 cents per kilowatt-hour (kWh) in December 2023 to 27.2 cents per kWh in December 2024, a jump of 3.1 cents. At 27.2 cents per kWh, New York’s electricity rates were 54.5% higher than the national average of 17.6 cents, continuing a five-year trend of being at least 40% above the U.S. average.
Natural gas prices also saw an increase, rising from $1.621 per therm in December 2023 to $1.869 per therm in December 2024—an increase of 24.8 cents. This price was 22.8% above the national average of $1.522 per therm, marking the fifth consecutive year that the region’s natural gas prices have been at least 7% higher than the national average.
