Monthly Economic Report – Philadelphians Paying Less at the Pump

Audit Date: September 30, 2013
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
September 30, 2013

Contact: Brian Dries

Philadelphians Paying Less at the Pump
City Controller’s economic report reviews decline in gas prices
& other positive economic indicators

August 2013 Economic Report

PHILADELPHIA – With gas prices above $3 for more than 1,000 consecutive days, Philadelphians can realize some relief at the pump by paying $0.40 (10%) less than they paid last year, according to the City Controller’s latest Economic Report released today.

Philadelphia’s current average price of $3.49 is approaching the City’s 12-month low of $3.44, which was recorded in January 2013. The cheapest gas can be found in the Northeast section of the City, where prices have fallen to $3.33. In addition, prices are also low in South Philadelphia at $3.36, whereas the highest prices can be found in Center City at $3.66.

Of the five largest U.S. cities, Philadelphia has the second cheapest gas prices; only Houston has a lower average price at $3.15. New York, Los Angeles, and Chicago all have average prices above $3.65.

The Controller’s economic report also shows additional positive economic indicators including: 10.3 percent increase in annual home sales, 1.34 percent increase in sales tax revenue, and a 2.5 percent increase in Wage/NPT/Earnings revenues over the last year.

The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends.