Below are the monthly updates from the most current August 2022 fuel price data (GasBuddy.com) and June 2022 electricity and natural gas price data (US Energy Information Administration). To view additional data and analysis related to the California economy, visit our website at www.centerforjobs.org/ca.
Fuel prices continued dropping in August from their previous highs, but California regulations sealing off the state from the broader global market supplies again resulted in somewhat lower drops compared to the rest of the US. Prices have since risen at a more moderate pace. In the latest price data from CSAA, regular gasoline rose to an average of $5.67 a gallon on Labor Day, compared to $3.79 for the US and $3.27 in Arkansas, the lowest price state.
Electricity costs continued their rise in June, with residential rates (12-month moving average) again the highest among the contiguous states and the average household electricity bill moving from 21st to 20th highest among the states and DC. California households and employers paid an additional $24.2 billion compared to the average rate for the rest of the US as the result of California’s energy policies, and $31.1 billion compared to electricity rates in the lowest cost state.
Inflation Rising to Highest Since 1982
California CPI
For the 12 months ending June, the California CPI rose 8.3%, up from 7.9% in May. In the same period, the US CPI rose 9.1%, edging down to 8.5% in July. The California inflation rate was the highest since June 1982.
California vs. US Diesel Price
(CA Average)
The August average price per gallon of diesel in California eased 35 cents from July to $6.27. The California premium above the average for the US other than California ($4.96) rose to $1.31 cents, a 26.4% difference.
In August, California again had the highest diesel price among the states and DC.
Range Between Highest and Lowest Prices by Region
(Central Coast Region)
The cost premium above the US (other than California) average price for regular gasoline ranged from $1.42 in the Sacramento Region (average August price of $5.22) to $1.78 in the Central Coast Region (average August price of $5.58).
Highest/Lowest Fuel Prices By Legislative District
California Residential Electricity Price
California’s average Residential Price for the 12 months ended June 2022 was 24.41 cents/kWh, 80.9% higher than the US average of 13.49 cents/kWh for all states other than California. California’s residential prices again were the highest among the contiguous states.
California Residential Electric Bill
For the 12 months ended June 2022, the average annual Residential electricity bill in California was $1,583, or 59.3% higher ($589) than the comparable bill in 2010 (the year the AB 32 implementation began with the Early Action items). In this same period, the average US (less CA) electricity bill for all the other states grew by only 12.8% ($175).
In 2010, California had the 9th lowest residential electricity bill in the nation. In the latest data, it had the 20th highest.
Residential bills, however, vary widely by region, with the estimated annual household usage in the recently released data for 2020 as much as 78% higher in the interior regions compared to the milder climate coastal areas and substantially higher when comparing across counties.
for Rest of US Price
For the 12 months ended June 2022, California’s higher electricity prices translated into Residential ratepayers paying $9.8 billion more than the average ratepayers elsewhere in the US using the same amount of energy.
California Commercial Electricity Price
California’s average Commercial Price for the 12 months ended June 2022 was 20.13 cents/kWh, 84.5% higher than the US average of 10.91 cents/kWh for all states other than California. California’s commercial prices again were the highest among the contiguous states.
California Industrial Electricity Price
California’s average Industrial Price for the 12 months ended June 2022 was 15.94 cents/kWh, 119.9% higher than the US average of 7.25 cents/kWh for all states other than California. California’s industrial prices again were the 3rd highest among the contiguous states.
for Rest of US Price
For the 12 months ended June 2022, California’s higher electricity prices translated into Commercial & Industrial ratepayers paying $14.5 billion more than ratepayers elsewhere in the US using the same amount of energy. Compared to the lowest rate states, Commercial & Industrial ratepayers paid $18.3 billion more.
California Natural Gas Prices
Average prices ($ per thousand cubic feet, 12-month moving average) for the 12 months ended June 2022 and changes from the previous 12-month period for each end user. In June, California was again the 6th highest among the contiguous states for commercial rates and eased to 6th highest for residential rates. Industrial rates rose from 3rd to 2nd highest.