According to the U.S. Bureau of Labor Statistics, prices for fuel oil are 66.95% higher in 2024 versus 2020 (a $2.28 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 2020 and 2024: Fuel oil experienced an average inflation rate of 13.67% per year. This rate of change indicates significant inflation. In other words, fuel oil costing $3.41 in the year 2020 would cost $5.69 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.91% during this same period, inflation for fuel oil was significantly higher.
In the year 2020: Pricing changed by -22.80%, which is significantly below the average yearly change for fuel oil during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for fuel oil was much lower.
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 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 2020 | $3.41 | -22.80% |
| 2021 | $4.48 | 31.39% |
| 2022 | $7.55 | 68.45% |
| 2023 | $6.26 | -17.06% |
| 2024 | $5.69 | -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 |