According to the U.S. Bureau of Labor Statistics, prices for fuel oil are 1,687.48% higher in 2024 versus 1973 (a $57.54 difference in value).
The current national average price is $3.41 for "Fuel oil #2 per gallon (3.785 liters)". This data is collected by a national survey and can vary from region to region.
Between 1973 and 2024: Fuel oil experienced an average inflation rate of 5.82% per year. This rate of change indicates significant inflation. In other words, fuel oil costing $3.41 in the year 1973 would cost $60.95 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.91% during this same period, inflation for fuel oil was higher.
In the year 1973: Pricing changed by 15.54%, which is significantly above the average yearly change for fuel oil during the 1973-2024 time period. Compared to inflation for all items in 1973 (6.18%), inflation for fuel oil was much higher.
The average price for Fuel oil is calculated from a weighted average of retailer data collected by the Bureau of Labor Statistics. Inflation rate is also calculated by the Bureau of Labor Statistics. The table below shows average prices and their corresponding "real" prices adjusted for inflation rate. To understand how price levels differ from inflation rates, see this article published by the BLS.
Average prices for Fuel oil #2 per gallon (3.785 liters):
| Year | Average price (Fuel oil) | Inflation adjusted price (2024 dollars) |
|---|---|---|
| 2024 | $3.41 (latest available value) | $3.41 |
| 2023 | $3.84 | $3.49 |
| 2022 | $5.01 | $3.78 |
| 2021 | $3.01 | $3.82 |
| 2020 | $2.29 | $3.82 |
| 2019 | $2.98 | $3.85 |
| 2018 | $3.09 | $3.80 |
| 2017 | $2.45 | $3.68 |
| 2016 | $2.11 | $3.67 |
| 2015 | $2.60 | $3.72 |
| 2014 | $3.71 | $3.70 |
| 2013 | $3.72 | $3.66 |
| 2012 | $3.75 | $3.63 |
| 2011 | $3.71 | $3.67 |
| 2010 | $2.93 | $3.76 |
| 2009 | $2.51 | $3.81 |
| 2008 | $3.75 | $3.74 |
| 2007 | $2.68 | $3.72 |
| 2006 | $2.50 | $3.71 |
| 2005 | $2.22 | $3.74 |
| 2004 | $1.65 | $3.74 |
| 2003 | $1.40 | $3.73 |
| 2002 | $1.16 | $3.79 |
| 2001 | $1.31 | $3.79 |
| 2000 | $1.36 | $3.80 |
| 1999 | $0.90 | $3.78 |
| 1998 | $0.88 | $3.77 |
| 1997 | $1.01 | $3.81 |
| 1996 | $1.02 | $3.82 |
| 1995 | $0.89 | $3.84 |
| 1994 | $0.92 | $3.89 |
| 1993 | $0.94 | $3.94 |
| 1992 | $0.96 | $3.98 |
| 1991 | $1.02 | $4.01 |
| 1990 | $1.09 | $4.01 |
| 1989 | $0.89 | $4.02 |
| 1988 | $0.85 | $4.07 |
| 1987 | $0.85 | $4.09 |
| 1986 | $0.83 | $4.10 |
| 1985 | $1.08 | $4.15 |
| 1984 | $1.12 | $4.14 |
| 1983 | $1.10 | $4.15 |
| 1982 | $1.21 | $4.19 |
| 1981 | $1.25 | $4.23 |
| 1980 | $1.01 | $4.19 |
| 1979 | $0.73 | $4.20 |
| 1978 | $0.54 | $4.37 |
Below are calculations of equivalent buying power for Fuel oil, over time, for $3.41 beginning in 1973. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1973 | $3.41 | 15.54% |
| 1974 | $5.40 | 58.29% |
| 1975 | $5.85 | 8.31% |
| 1976 | $6.26 | 7.16% |
| 1977 | $7.10 | 13.35% |
| 1978 | $7.52 | 5.93% |
| 1979 | $10.56 | 40.38% |
| 1980 | $14.69 | 39.12% |
| 1981 | $17.97 | 22.34% |
| 1982 | $17.58 | -2.16% |
| 1983 | $16.16 | -8.10% |
| 1984 | $16.50 | 2.09% |
| 1985 | $15.84 | -4.00% |
| 1986 | $12.41 | -21.68% |
| 1987 | $12.70 | 2.35% |
| 1988 | $12.69 | -0.06% |
| 1989 | $13.45 | 6.03% |
| 1990 | $16.52 | 22.78% |
| 1991 | $15.48 | -6.32% |
| 1992 | $14.73 | -4.80% |
| 1993 | $14.61 | -0.86% |
| 1994 | $14.34 | -1.81% |
| 1995 | $14.19 | -1.03% |
| 1996 | $16.25 | 14.47% |
| 1997 | $16.22 | -0.16% |
| 1998 | $14.21 | -12.41% |
| 1999 | $14.50 | 2.03% |
| 2000 | $21.82 | 50.48% |
| 2001 | $21.07 | -3.41% |
| 2002 | $18.68 | -11.36% |
| 2003 | $22.88 | 22.51% |
| 2004 | $26.80 | 17.10% |
| 2005 | $36.23 | 35.23% |
| 2006 | $40.96 | 13.04% |
| 2007 | $43.98 | 7.36% |
| 2008 | $61.13 | 39.00% |
| 2009 | $40.23 | -34.19% |
| 2010 | $47.38 | 17.79% |
| 2011 | $61.60 | 30.00% |
| 2012 | $62.99 | 2.26% |
| 2013 | $62.00 | -1.57% |
| 2014 | $61.13 | -1.41% |
| 2015 | $42.59 | -30.33% |
| 2016 | $35.03 | -17.75% |
| 2017 | $40.48 | 15.55% |
| 2018 | $49.58 | 22.49% |
| 2019 | $47.30 | -4.61% |
| 2020 | $36.51 | -22.80% |
| 2021 | $47.97 | 31.39% |
| 2022 | $80.81 | 68.45% |
| 2023 | $67.02 | -17.06% |
| 2024 | $60.95 | -9.05%* |
* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Fuel oil:
| Year | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| CPI | 5.575 | 5.800 | 6.800 | 6.340 | 5.840 | 6.086 | 6.300 | 7.231 | 7.800 | 7.846 | 7.469 | 7.562 | 8.800 | 11.520 | 10.860 | 11.040 | 11.620 | 11.900 | 12.508 | 12.592 | 13.023 | 13.638 | 14.338 | 13.515 | 13.715 | 13.469 | 14.015 | 14.008 | 14.315 | 14.000 | 14.285 | 14.654 | 15.138 | 15.600 | 15.938 | 16.546 | 17.569 | 17.623 | 20.362 | 32.231 | 34.908 | 37.408 | 42.400 | 44.915 | 63.054 | 87.723 | 107.323 | 105.000 | 96.500 | 98.515 | 94.577 | 74.077 | 75.815 | 75.769 | 80.338 | 98.638 | 92.408 | 87.969 | 87.215 | 85.638 | 84.754 | 97.015 | 96.862 | 84.838 | 86.562 | 130.262 | 125.823 | 111.531 | 136.638 | 160.000 | 216.362 | 244.585 | 262.597 | 365.000 | 240.197 | 282.932 | 367.804 | 376.126 | 370.234 | 365.008 | 254.318 | 209.182 | 241.714 | 296.064 | 282.408 | 218.008 | 286.435 | 482.502 | 400.165 | 363.959 |