Transportation Economic Trends
Cost of Transportation:
Cost of Fuel
This page discusses fuel prices. Fuel prices are a cost to firms that produce transportation services. These firms embed the costs in the price they charge businesses and households. Fuel prices also are a cost to households to operate motor vehicles for their own use.
- Fuel prices—a transportation cost—rose from 2020 to 2021. Jet fuel increased the most at 51.1 percent, followed by on-highway diesel fuel and motor gasoline (all types), which increased by 48.3 and 39.7 percent, respectively. Despite the increase, jet fuel, on-highway diesel, and motor gasoline (all types) prices remain below the peak reached in 2012, by 37 percent, 31.2 percent, and 15.2 percent, respectively.
- 2020 to 2021 is the largest year over year increase for motor gasoline (all types) and the second largest increase for jet fuel and on-highway diesel since 1990.
- From 2020 to 2021, states in all areas experienced an increase in motor gasoline prices (all grades and types). The U.S. average motor gasoline fuel price increased 37.3 percent, ranging from an increase of 30.5 percent on the West Coast to 43.6 percent on the Gulf Coast.