Web Version [link removed] | Update Preferences [link removed] [link removed] California Energy Price Data

August 2023

Below are the monthly updates from the most current August 2023 fuel price data (GasBuddy.com) and June 2023 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 [[link removed]].

The additional costs under California policies, regulations, taxes, and fee add-ons continue their ceaseless attack on the costs of living and costs of doing business in California. Costs for energy continue to be the highest or near the highest among the contiguous states and DC across all energy sources. California regained its dubious position of having the highest gasoline prices. Industrial electricity rates moved up to the 2nd highest.

Even at these levels, gasoline prices are currently trending up in part due to production issues related to the recent hurricane activity in the Gulf of Mexico and continuing efforts by OPEC to raise crude prices. The average gasoline price in August rose 29 cents a gallon in California and somewhat slower at 19 cents in the rest of the US. In the latest data from CSAA [[link removed]] as of September 5, prices have eased nationally by 3 cents from the August numbers, but have risen by another 10 cents in California. Prices, however, are likely to begin easing once the lower cost winter formulations come back into play.

Inflation Rate Continues to Ease but Remains High in Core Elements 3.1% Annual Increase in

California CPI

For the 12 months ending June, the California CPI rose 3.1%, easing from 3.7% in May. In the same period, the US CPI rose 3.0%, down from 4.0% in May.

While the general inflation rate has been easing in California along with price levels nationally, individual costs of living continue to grow. Applying the Department of Finance formula used for the California CPI to the individual components, prices in Food Away from Home (restaurants and take out) continue to rise nearly twice as fast as the general inflation rate, pushed higher by increasing operating costs such as for energy and in the case of labor costs, rising costs coming from the ongoing labor shortages along with state and local policies on wages.

California vs. Rest of US Fuel Price Gap at 40.1% Premium $1.50 Price Per Gallon

Above US Average

(CA Average)

The August average price per gallon of regular gasoline in California rose 30 cents from July to $5.23. The California premium above the average for the US other than California ($3.73) rose to $1.50, a 40.1% difference.

1st Ranked by

Price

In August, California had the highest gasoline price among the contiguous states and DC. Californians paid $1.92 a gallon more than consumers in Mississippi, the state with the lowest price.

California vs. Rest of US Diesel Price $1.48 Price Per Gallon

Above US Average

(CA Average)

The August average price per gallon of diesel in California rose 56 cents from July to $5.74. The California premium above the average for the US other than California ($4.25) rose to $1.48, a 34.9% difference.

1st Ranked by

Price

In August, California had the highest diesel price among the contiguous states and DC.

Range Between Highest and Lowest Prices by Region $1.61 Price Per Gallon

Above US Average

(Central Sierra

Region)

The cost premium above the US (other than California) average price for regular gasoline ranged from $1.37 in the Central Valley Region (average August price of $5.10), to $1.61 in Central Sierra Region (average August price of $5.34).

Highest/Lowest Fuel Prices by Legislative District: California Residential Electricity Price 79.9% Above Average for

Rest of US

California average Residential Price for the 12 months ended June 2023 was 27.11 cents/kWh, 79.9% higher than the US average of 15.07 cents/kWh for all states other than California. California's residential prices were the 4th highest among the contiguous states and DC.

California Residential Electrical Bill 13th Ranked by

Cost

For the 12 months ended June 2023, the average annual Residential electricity bill in California was $1,727, or 73.7% higher ($733) 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 only 20.6% ($281).

In 2010, California had the 9th lowest residential electricity bill among the contiguous states and DC. In the latest data, it had the 13th highest.

Residential bills, however, vary widely by region, with the estimated annual household usage in the recent released data for 2021 as much as 78% higher in the interior regions compared to the milder climate coastal areas, and substantially higher when comparing across counties.

$10.7b Premium Above

US Average Price

For the 12 months ended June 2023, California's higher electricity prices translated into Residential ratepayers paying $10.7 billion more than the average ratepayers elsewhere in the US using the same amount of energy. Compared to the lowest cost state, California households paid $14.7 billion more.

California Commercial Electricity Price 89.4% Above Average for

Rest of US

California average Commercial Price for the 12 months ended June 2023 was 22.59 cents/kWh, 89.4% higher than the US average of 11.93 cents/kWh for all states other than California. California's commercial prices were the highest among the contiguous states and DC.

California Industrial Electricity Price 126.1% Above Average for

Rest of US

California average Industrial Price for the 12 months ended June 2023 was 18.20 cents/kWh, 126.1% higher than the US average of 8.05 cents/kWh for all states other than California. California's industrial prices rose to the 2nd highest among the contiguous states and DC.

$16.6b Premium Above

US Average Price

For the 12 months ended June 2023, California's higher electricity prices translated into Commercial & Industrial ratepayers paying $16.6 billion more than ratepayers elsewhere in the US using the same amount of energy. Compared to the lowest rate states, Commercial & Industrial ratepayers paid $21.3 billion more.

California Natural Gas Prices

Average prices ($ per thousand cubic feet; 12-month moving average) for the 12 months ended July 2023 and changes from the previous 12-month period for each end user:

Note: All data sources, methodologies and historical data series available at [[link removed]]

View this Report Online [[link removed]] The California Center for Jobs and the Economy provides an objective and definitive source of information pertaining to job creation and economic trends in California. [[link removed]] Contact 1301 I Street Sacramento, CA 95814 916.553.4093 If you no longer wish to receive these emails, select here to unsubscribe. [link removed]