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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

U.S. Airlines’ February 2024 Fuel Cost per Gallon Up 4.8% from January 2024; Aviation Fuel Consumption Up 7.9% from Pre-Pandemic February 2019

Monday, April 8, 2024

The Department of Transportation’s Bureau of Transportation Statistics (BTS) today released U.S. airlines’ February 2024 fuel cost and consumption numbers indicating U.S. scheduled service airlines used 1.392 billion gallons of fuel, 4.4% less fuel than in January 2024 (1.456 billion gallons) and 7.9% more than in pre-pandemic February 2019. The cost per gallon of fuel in February 2024 ($2.83) was up 13 cents (4.8%) from January 2024 ($2.70) and up $0.85 (42.9%) from February 2019. Total February 2024 fuel expenditure ($3.94B) was up 0.3% from January 2024 ($3.93B) and up 53.9% from pre-pandemic February 2019.

Year-over-year changes in fuel consumption and cost for February 2024 include a 3.2% increase in domestic fuel consumption, a 9.5% decrease in domestic fuel cost, and a 12.3% decrease in cost per gallon. Domestic fuel consumption decreased 2.2% from January 2024 to February 2024, while increasing 6.8% from February 2019. Increased fuel consumption reflects an increase in airline passenger travel over the same period.   

 

Line chart showing U.S. Airlines Fuel Consumption in January 2020 through February 2024

 

Fuel consumed by U.S. airlines (total) scheduled service:

February 2019: 1.29 billion gallons
February 2023: 1.31 billion gallons
January 2024: 1.46 billion gallons
February 2024: 1.39 billion gallons

 

Line chart showing U.S. Airlines Fuel Cost in January 2020 through February 2024

 

Fuel cost per gallon for U.S. airlines (total) scheduled service:

February 2019: $1.98
February 2023: $3.22
January 2024: $2.70
February 2024: $2.83

 

Total fuel cost for U.S. airlines (total) scheduled service:

February 2019: $2.56 billion
February 2023: $4.21 billion
January 2024: $3.93 billion
February 2024: $3.94 billion

 

Fuel Cost and Consumption data from January 2000 to the present can be found at https://www.transtats.bts.gov/fuel.asp. Summaries by month are also available.

Airline fuel costs may be affected by hedging, contracts that allow airlines to limit exposure to future price changes. None of the cost numbers are adjusted for inflation. The month-to-month numbers are not seasonally adjusted.

Individual airline numbers through September 2023 are available on the BTS website

Please Note:

The information provided within BTS statistical releases may not be based on 100% of reporting carriers. Generally, data are released per schedule if reports have been received from at least 90% of the carriers, along with data from all the major carriers. Also, within text, percent change results may not be exact due to rounding.

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