Between 2013 and 2023, household expenditure on fuel oil and other fuels in the US fluctuated significantly. In 2013, the expenditure stood at $142. After peaking in 2014 at $152, there was a general downward trend. By 2023, it had decreased to $71. The year-on-year variation reflects periods of both moderate increases and substantial declines, with considerable year-on-year decreases particularly notable from 2015 to 2016 and a slight uptick in 2017. Over the five years leading up to 2023, the CAGR was approximately -4.42%, indicating a consistent decline in expenditure.
Looking ahead, the forecasted data suggests a continuous reduction in household expenditure on fuel oil and other fuels. By 2028, it is projected to fall further to $52.6. The forecasted five-year CAGR to 2028 is about -4.72%, with an overall decline of 21.49% over this period from 2024. Future trends to watch for include advances in energy efficiency, shifts towards renewable energy sources, and changes in fuel prices, which may further influence household spending patterns.
