Jet Fuel Prices Price History
1990–2025 · EIA / IATA
The annual average spot price of US Gulf Coast kerosene-type jet fuel, tracked from 1990 through 2025. Jet fuel is the single largest operating cost for airlines, typically accounting for 20-30% of total expenses, and its price swings have bankrupted carriers and reshaped the entire travel industry. The COVID-19 pandemic sent jet fuel below $1.15 per gallon as planes sat idle on tarmacs worldwide, only for prices to triple within two years as travel demand roared back faster than refineries could keep up.
Price in 1990
$0.77
Price in 2025
$2.48
Total Change
+222.1%
Years Tracked
35
Jet Fuel Prices Over Time
Compare to inflation: The chart above shows nominal (not inflation-adjusted) prices. Use the toggle to switch to inflation-adjusted values when available, or try the inflation calculator to convert any amount between years.
Key Insights
- Jet fuel hit rock bottom at $0.38 per gallon in 1998, when the Asian financial crisis crushed global demand — airlines were practically printing money, and ticket prices dropped to levels we'll probably never see again.
- The 2008 spike to $3.06 per gallon was catastrophic for the industry: multiple airlines went bankrupt, fuel surcharges became permanent fixtures on tickets, and carriers began hedging fuel costs like Wall Street traders.
- COVID-19 drove jet fuel to $1.14 in 2020, the lowest price since the late 1990s, but it was a hollow bargain since there was almost nobody flying to burn it.
- The post-pandemic rebound to $3.51 in 2022 caught airlines off guard — many had locked in hedges at pandemic-era prices that expired right as costs surged, leading to some of the most expensive airfare in a decade.
Year-by-Year Data
| Year | Price (USD per gallon) | YoY Change |
|---|---|---|
| 1990 | $0.77 | — |
| 1991 | $0.65 | -15.6% |
| 1992 | $0.61 | -6.2% |
| 1993 | $0.58 | -4.9% |
| 1994 | $0.54 | -6.9% |
| 1995 | $0.54 | +0.0% |
| 1996 | $0.64 | +18.5% |
| 1997 | $0.60 | -6.3% |
| 1998 | $0.38 | -36.7% |
| 1999 | $0.47 | +23.7% |
| 2000 | $0.89 | +89.4% |
| 2001 | $0.72 | -19.1% |
| 2002 | $0.72 | +0.0% |
| 2003 | $0.87 | +20.8% |
| 2004 | $1.27 | +46.0% |
| 2005 | $1.73 | +36.2% |
| 2006 | $1.96 | +13.3% |
| 2007 | $2.15 | +9.7% |
| 2008 | $3.06 | +42.3% |
| 2009 | $1.60 | -47.7% |
| 2010 | $2.15 | +34.4% |
| 2011 | $3.01 | +40.0% |
| 2012 | $3.06 | +1.7% |
| 2013 | $2.92 | -4.6% |
| 2014 | $2.67 | -8.6% |
| 2015 | $1.57 | -41.2% |
| 2016 | $1.31 | -16.6% |
| 2017 | $1.68 | +28.2% |
| 2018 | $2.16 | +28.6% |
| 2019 | $1.93 | -10.6% |
| 2020 | $1.14 | -40.9% |
| 2021 | $1.95 | +71.1% |
| 2022 | $3.51 | +80.0% |
| 2023 | $2.73 | -22.2% |
| 2024 | $2.55 | -6.6% |
| 2025 | $2.48 | -2.7% |
Sources & Methodology
US Gulf Coast kerosene-type jet fuel spot price, annual average, sourced from EIA petroleum data. Spot prices represent wholesale market costs before airline hedging or retail markup.
Primary source: EIA / IATA
For a full explanation of how we collect and adjust data, see our methodology page.