Natural gas priced at $1.42 in 1954 → $23 in 2024

Natural Gas Inflation Calculator

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Prices for Natural Gas, 1954-2024 ($1.42)

According to the U.S. Bureau of Labor Statistics, prices for utility (piped) gas service are 1,519.66% higher in 2024 versus 1954 (a $21.58 difference in value).

The current national average price is $1.42 for "Utility (piped) gas per therm". This data is collected by a national survey and can vary from region to region.

Between 1954 and 2024: Natural gas experienced an average inflation rate of 4.06% per year. This rate of change indicates significant inflation. In other words, natural gas costing $1.42 in the year 1954 would cost $23 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.57% during this same period, inflation for natural gas was higher.

In the year 1954: Pricing changed by 1.90%, which is below the average yearly change for natural gas during the 1954-2024 time period. Compared to inflation for all items in 1954 (0.34%), inflation for natural gas was higher.

Price Inflation for Utility (piped) gas service since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2022 (25.83%), 2003 (22.92%), and 2009 (-21.83%).

Price history

The average price for Natural gas 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 Utility (piped) gas per therm:

YearAverage price (Natural gas)Inflation adjusted price (2024 dollars)
2024$1.42 (latest available value)$1.42
2023$1.46$1.42
2022$1.58$1.43
2021$1.25$1.42
2020$1.05$1.40
2019$1.04$1.39
2018$1.05$1.37
2017$1.02$1.34
2016$0.92$1.31
2015$0.94$1.31
2014$1.08$1.32
2013$1.01$1.32
2012$0.97$1.32
2011$1.07$1.32
2010$1.10$1.32
2009$1.12$1.32
2008$1.44$1.33
2007$1.26$1.32
2006$1.28$1.32
2005$1.25$1.32
2004$1.05$1.33
2003$0.97$1.33
2002$0.79$1.32
2001$0.94$1.35
2000$0.80$1.39
1999$0.69$1.38
1998$0.68$1.38
1997$0.69$1.37
1996$0.65$1.37
1995$0.62$1.37
1994$0.65$1.36
1993$0.63$1.36
1992$0.60$1.35
1991$0.60$1.38
1990$0.59$1.38
1989$0.59$1.38
1988$0.58$1.40
1987$0.58$1.38
1986$0.60$1.37
1985$0.63$1.37
1984$0.65$1.40
1983$0.65$1.41
1982$0.56$1.42
1981$0.47$1.42
1980$0.41$1.41
1979$0.35$1.43
1978$0.31$1.47
View price changes for other categories
Gasoline (all types) · Medical care · Milk · Chicago, Illinois · More

Buying power of $1.42 since 1954

Below are calculations of equivalent buying power for Natural gas, over time, for $1.42 beginning in 1954. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1954$1.421.90%
1955$1.483.94%
1956$1.501.63%
1957$1.531.71%
1958$1.625.96%
1959$1.673.37%
1960$1.786.70%
1961$1.811.31%
1962$1.810.09%
1963$1.80-0.17%
1964$1.810.47%
1965$1.820.26%
1966$1.830.51%
1967$1.83-0.04%
1968$1.840.81%
1969$1.881.90%
1970$1.985.43%
1971$2.127.23%
1972$2.235.24%
1973$2.334.53%
1974$2.6312.52%
1975$3.1519.83%
1976$3.6716.63%
1977$4.3618.96%
1978$4.809.92%
1979$5.5716.09%
1980$6.6419.17%
1981$7.5714.00%
1982$9.0719.86%
1983$10.5816.66%
1984$10.660.75%
1985$10.59-0.69%
1986$10.07-4.90%
1987$9.61-4.57%
1988$9.55-0.61%
1989$9.812.78%
1990$9.830.19%
1991$9.961.25%
1992$10.141.82%
1993$10.766.12%
1994$10.961.90%
1995$10.40-5.13%
1996$10.834.13%
1997$11.586.94%
1998$11.35-1.97%
1999$11.410.53%
2000$13.3416.87%
2001$15.9919.89%
2002$13.67-14.53%
2003$16.8022.92%
2004$18.198.29%
2005$21.7719.64%
2006$22.312.47%
2007$22.00-1.39%
2008$25.0413.83%
2009$19.57-21.83%
2010$19.17-2.08%
2011$18.63-2.82%
2012$16.83-9.63%
2013$17.634.72%
2014$18.877.05%
2015$16.63-11.86%
2016$16.23-2.41%
2017$17.527.97%
2018$17.540.10%
2019$17.28-1.48%
2020$17.320.20%
2021$20.2216.74%
2022$25.4425.83%
2023$23.61-7.19%
2024$23.00-2.59%*

* 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 Utility (piped) gas service:

Year193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI12.80012.71712.60012.72012.88012.78012.67712.60812.49212.43812.28512.06212.20012.62013.16013.18013.12013.36913.79214.05414.60814.84615.10016.00016.53817.64617.87717.89217.86217.94617.99218.08518.07718.22318.56919.57720.99222.09223.09225.98531.13836.31543.20047.48555.12365.69274.89289.769104.723105.508104.77799.64695.09294.51597.13897.32398.538100.331106.469108.492102.931107.177114.615112.354112.954132.008158.269135.277166.285180.069215.431220.762217.688247.803193.717189.678184.334166.585174.451186.754164.597160.628173.433173.609171.038171.387200.084251.763233.671227.625

Adjust natural gas prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1954 * 1954 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Utility (piped) gas service was 14.054 in the year 1954 and 227.625 in 2024:

227.625 / 14.054 * $1.42 = $23

Therefore, according to U.S. Bureau of Labor Statistics, $1.42 in 1954 has the same "purchasing power" as $23 in 2024 (in the CPI category of Utility (piped) gas service).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Utility (piped) gas service in 1935. In addition to natural gas, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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