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U.S. Airlines' March 2024 Fuel Cost per Gallon down 2.2% from February 2024; Aviation Fuel Consumption Up 4.9% from Pre-Pandemic March 2019

Monday, May 6, 2024

The Department of Transportation's Bureau of Transportation Statistics (BTS) today released U.S. airlines' March 2024 fuel cost and consumption numbers indicating U.S. scheduled service airlines used 1.602 billion gallons of fuel, 15.1% more fuel than in February 2024 (1.392 billion gallons) and 4.9% more than in pre-pandemic March 2019. The cost per gallon of fuel in March 2024 ($2.77) was down 6 cents (2.2%) from February 2024 ($2.83) and up $0.74 (36.7%) from March 2019. Total March 2024 fuel expenditure ($4.43B) was up 12.5% from February 2024 ($3.94B) and up 43.5% from pre-pandemic March 2019.

Year-over-year changes in fuel consumption and cost for March 2024 include a 0.6% increase in domestic fuel consumption, a 4.6% decrease in domestic fuel cost, and a 5.3% decrease in cost per gallon. Domestic fuel consumption increased 14.7% from February 2024 to March 2024, while increasing 3.9% from March 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 March 2024

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

March 2019:	1.53 billion gallons
March 2023:	1.55 billion gallons
February 2024:	1.39 billion gallons
March 2024:	1.60 billion gallons

Line chart showing U.S. airlines fuel cost in January 2020 through March 2024

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

March 2019:	$2.02
March 2023:	$2.91
February 2024:	$2.83
March 2024:	$2.77

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

March 2019:	$3.09 billion
March 2023:	$4.50 billion
February 2024:	$3.94 billion
March 2024:	$4.43 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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