Fuel oil priced at $3.71 in 1935 → $276.70 in 2023

Fuel Oil Inflation Calculator

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Prices for Fuel Oil, 1935-2023 ($3.71)

According to the U.S. Bureau of Labor Statistics, prices for fuel oil are 7,358.15% higher in 2023 versus 1935 (a $272.99 difference in value).

The current national average price is $3.71 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 1935 and 2023: Fuel oil experienced an average inflation rate of 5.02% per year. This rate of change indicates significant inflation. In other words, fuel oil costing $3.71 in the year 1935 would cost $276.70 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.57% during this same period, inflation for fuel oil was higher.

Price Inflation for Fuel oil since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2022 (68.45%), 1974 (58.29%), and 2000 (50.48%).

Price history

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):

YearAverage price (Fuel oil)Inflation adjusted price (2023 dollars)
2023$3.71 (latest available value)$3.71
2022$5.01$4.32
2021$3.01$4.36
2020$2.29$4.36
2019$2.98$4.39
2018$3.09$4.34
2017$2.45$4.21
2016$2.11$4.20
2015$2.60$4.25
2014$3.71$4.22
2013$3.72$4.18
2012$3.75$4.15
2011$3.71$4.20
2010$2.93$4.30
2009$2.51$4.35
2008$3.75$4.27
2007$2.68$4.24
2006$2.50$4.24
2005$2.22$4.27
2004$1.65$4.28
2003$1.40$4.26
2002$1.16$4.33
2001$1.31$4.33
2000$1.36$4.34
1999$0.90$4.32
1998$0.88$4.31
1997$1.01$4.35
1996$1.02$4.37
1995$0.89$4.38
1994$0.92$4.45
1993$0.94$4.50
1992$0.96$4.54
1991$1.02$4.58
1990$1.09$4.58
1989$0.89$4.59
1988$0.85$4.64
1987$0.85$4.67
1986$0.83$4.68
1985$1.08$4.74
1984$1.12$4.73
1983$1.10$4.74
1982$1.21$4.79
1981$1.25$4.83
1980$1.01$4.79
1979$0.73$4.80
1978$0.54$4.99
View price changes for other categories
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Buying power of $3.71 since 1935

Below are calculations of equivalent buying power for Fuel oil, over time, for $3.71 beginning in 1935. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1935$3.71-
1936$3.864.04%
1937$4.5317.24%
1938$4.22-6.76%
1939$3.89-7.89%
1940$4.054.21%
1941$4.193.52%
1942$4.8114.77%
1943$5.197.87%
1944$5.220.59%
1945$4.97-4.80%
1946$5.031.24%
1947$5.8616.38%
1948$7.6730.91%
1949$7.23-5.73%
1950$7.351.66%
1951$7.735.25%
1952$7.922.41%
1953$8.325.11%
1954$8.380.68%
1955$8.673.42%
1956$9.084.73%
1957$9.545.13%
1958$8.99-5.74%
1959$9.131.48%
1960$8.96-1.79%
1961$9.334.05%
1962$9.32-0.05%
1963$9.532.20%
1964$9.32-2.20%
1965$9.512.03%
1966$9.752.58%
1967$10.073.31%
1968$10.383.05%
1969$10.612.17%
1970$11.013.81%
1971$11.696.18%
1972$11.730.31%
1973$13.5515.54%
1974$21.4558.29%
1975$23.238.31%
1976$24.897.16%
1977$28.2213.35%
1978$29.895.93%
1979$41.9640.38%
1980$58.3839.12%
1981$71.4222.34%
1982$69.87-2.16%
1983$64.22-8.10%
1984$65.562.09%
1985$62.94-4.00%
1986$49.30-21.68%
1987$50.452.35%
1988$50.42-0.06%
1989$53.466.03%
1990$65.6422.78%
1991$61.49-6.32%
1992$58.54-4.80%
1993$58.04-0.86%
1994$56.99-1.81%
1995$56.40-1.03%
1996$64.5614.47%
1997$64.46-0.16%
1998$56.46-12.41%
1999$57.602.03%
2000$86.6950.48%
2001$83.73-3.41%
2002$74.22-11.36%
2003$90.9322.51%
2004$106.4817.10%
2005$143.9835.23%
2006$162.7613.04%
2007$174.757.36%
2008$242.9039.00%
2009$159.84-34.19%
2010$188.2817.79%
2011$244.7630.00%
2012$250.302.26%
2013$246.38-1.57%
2014$242.90-1.41%
2015$169.24-30.33%
2016$139.20-17.75%
2017$160.8515.55%
2018$197.0222.49%
2019$187.93-4.61%
2020$145.08-22.80%
2021$190.6131.39%
2022$321.0968.45%
2023$276.70-13.83%*

* 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:

Year19351936193719381939194019411942194319441945194619471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
CPI5.5755.8006.8006.3405.8406.0866.3007.2317.8007.8467.4697.5628.80011.52010.86011.04011.62011.90012.50812.59213.02313.63814.33813.51513.71513.46914.01514.00814.31514.00014.28514.65415.13815.60015.93816.54617.56917.62320.36232.23134.90837.40842.40044.91563.05487.723107.323105.00096.50098.51594.57774.07775.81575.76980.33898.63892.40887.96987.21585.63884.75497.01596.86284.83886.562130.262125.823111.531136.638160.000216.362244.585262.597365.000240.197282.932367.804376.126370.234365.008254.318209.182241.714296.064282.408218.008286.435482.502415.792

Adjust fuel oil prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1935 * 1935 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Fuel oil was 5.575 in the year 1935 and 415.792 in 2023:

415.792 / 5.575 * $3.71 = $276.70

Therefore, according to U.S. Bureau of Labor Statistics, $3.71 in 1935 has the same "purchasing power" as $276.70 in 2023 (in the CPI category of Fuel oil).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Fuel oil in 1935. In addition to fuel oil, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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