Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in Detroit-Warren-Dearborn, MI (CBSA)
This dataset tracks average price: fuel oil #2 per gallon (3.785 liters) in detroit-warren-dearborn, mi (cbsa) over time.
Latest Value
0.92
Year-over-Year Change
-0.43%
Date Range
11/1/1978 - 10/1/1995
Summary
This economic trend measures the average price of fuel oil #2 per gallon (3.785 liters) in the Detroit-Warren-Dearborn, MI metropolitan area. It provides insight into energy costs and consumer spending in this key industrial region.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in Detroit-Warren-Dearborn, MI (CBSA) trend tracks the retail cost of a common home heating and industrial fuel in a major Midwest market. This data is used by economists and policymakers to monitor energy inflation and its impact on households and businesses.
Methodology
The data is collected through surveys of fuel retailers in the Detroit metro area.
Historical Context
Fuel oil prices are relevant for understanding consumer inflation, energy policy, and industrial activity in the Midwest.
Key Facts
- Fuel oil is a common home heating source in the Midwest.
- The Detroit metro area is a major industrial and automotive hub.
- Fuel oil prices impact both consumer and business costs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of fuel oil #2 per gallon (3.785 liters) in the Detroit-Warren-Dearborn, MI metropolitan area.
Q: Why is this trend relevant for users or analysts?
A: Fuel oil prices are an important indicator of energy costs and inflation, particularly for households and businesses in the Midwest industrial region.
Q: How is this data collected or calculated?
A: The data is collected through surveys of fuel retailers in the Detroit metro area.
Q: How is this trend used in economic policy?
A: Fuel oil prices are monitored by economists and policymakers to understand energy inflation and its impact on consumers and industry.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the survey-based methodology may not fully capture all regional price variations.
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Citation
U.S. Federal Reserve, Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in Detroit-Warren-Dearborn, MI (CBSA) (APUS23B72511), retrieved from FRED.