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Jet fuel prices are skyrocketing, and aviation experts warn that travelers are already feeling the brunt of elevated costs. Just as the ongoing war in Iran has spiked gas prices, the aviation industry is also facing higher costs. The average cost of jet fuel was up 55% as of Monday compared to the day before the initial U.S.-Israeli strikes on Iran. At its peak in early April, prices had risen 95%.That fuel accounts for about 20% to 40% of a flight’s operating cost.A typical 737 aircraft can consume 750-800 gallons of jet fuel per hour, according to Louise Burke, senior vice president of global aviation and renewables for Argus Media.That means fueling a six-hour flight from New York to Los Angeles would cost about $17,400. The day before the Feb. 28 strikes, it would have been about $11,250.Last year, jet fuel prices averaged $2.19 a gallon. On April 2, they spiked to $4.88 per gallon, but as of Monday, prices had dropped to $3.87 per gallon.Air passengers face higher costsTravelers are already feeling the trickle-down effects of those higher upfront costs for airlines. The top four major U.S. airlines — American Airlines, Delta Air Lines, Southwest Airlines and United Airlines — have all increased baggage fees. A passenger’s first checked bag is now $45 under these air carriers; before April, it was $35 across the board. “Fuel is obviously one of the biggest costs for airlines, so when jet fuel cost rises, margins get squeezed, and that usually shows up in the form of higher fees,” said Rob Suhs, vice president of worldwide sales at Inventory Locator Service, an online aviation marketplace owned by our parent company Hearst.Ticket prices are also up.Consumer Price Index data — which is only available through March — indicates that the average U.S. airline fare is pricier now than it was at the same time last year. The data tracks trends in the average airline fares for travelers across U.S. cities.Airlines may try to reduce costs by cutting back on the number of flights they offer and nixing any low-passenger routes, experts say.In terms of long-term cost reduction, the aviation industry has been shifting toward more fuel-efficient aircraft. Airlines are also gradually introducing a sustainable alternative to jet fuel made from waste products like cooking oil and tallow. Sustainable aviation fuel (SAF) is already being used by commercial airlines, but not in large amounts. It’s pricey now, but Burke said that more commercial plants and decarbonization incentives may boost the industry.Many of the top airlines have goals to increase their SAF usage. Southwest and American are aiming to replace 10% of their jet fuel consumption with SAF by 2030. SAF, unlike jet fuel that relies on crude oil, is insulated from the effects of global conflict.Hitting the skies? Here’s what experts say you should considerEven if the war were to end today, jet fuel prices will likely remain elevated for several months.”If you are looking at summer travel, I think there’s no question that you will be paying these higher prices,” Burke said. A lot boils down to the supply chain. It takes time for crude oil, currently held up in the Strait of Hormuz, to arrive at the refineries that turn it into jet fuel.The U.S. is somewhat protected, Burke said, because it has jet fuel refineries. Europe, however, could be facing a jet fuel shortage in as little as six weeks, the head of the International Energy Agency has warned.About 75% of Europe’s jet fuel imports are from the Middle East, according to IEA reports.Experts recommend that if you’re considering booking a ticket, buy it now rather than wait.”Historically, prices don’t come down fast after the resolution of a given situation,” Rob said.Travelers eyeing next fall or winter may be in for better luck. Burke recommended waiting and monitoring the conflict if you’re planning travel later in the year.The last time jet fuel prices were this high was in 2022 after Russia first invaded Ukraine. Prices spiked dramatically in the first six weeks of the conflict, similarly to what we’re seeing now, before starting to trickle back down. It took more than a year for prices to stabilize at pre-invasion levels. PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=
Jet fuel prices are skyrocketing, and aviation experts warn that travelers are already feeling the brunt of elevated costs.
Just as the ongoing war in Iran has spiked gas prices, the aviation industry is also facing higher costs.
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The average cost of jet fuel was up 55% as of Monday compared to the day before the initial U.S.-Israeli strikes on Iran. At its peak in early April, prices had risen 95%.
That fuel accounts for about 20% to 40% of a flight’s operating cost.
A typical 737 aircraft can consume 750-800 gallons of jet fuel per hour, according to Louise Burke, senior vice president of global aviation and renewables for Argus Media.
That means fueling a six-hour flight from New York to Los Angeles would cost about $17,400. The day before the Feb. 28 strikes, it would have been about $11,250.
Last year, jet fuel prices averaged $2.19 a gallon. On April 2, they spiked to $4.88 per gallon, but as of Monday, prices had dropped to $3.87 per gallon.
Air passengers face higher costs
Travelers are already feeling the trickle-down effects of those higher upfront costs for airlines.
The top four major U.S. airlines — American Airlines, Delta Air Lines, Southwest Airlines and United Airlines — have all increased baggage fees. A passenger’s first checked bag is now $45 under these air carriers; before April, it was $35 across the board.
“Fuel is obviously one of the biggest costs for airlines, so when jet fuel cost rises, margins get squeezed, and that usually shows up in the form of higher fees,” said Rob Suhs, vice president of worldwide sales at Inventory Locator Service, an online aviation marketplace owned by our parent company Hearst.
Ticket prices are also up.
Consumer Price Index data — which is only available through March — indicates that the average U.S. airline fare is pricier now than it was at the same time last year. The data tracks trends in the average airline fares for travelers across U.S. cities.
Airlines may try to reduce costs by cutting back on the number of flights they offer and nixing any low-passenger routes, experts say.
In terms of long-term cost reduction, the aviation industry has been shifting toward more fuel-efficient aircraft.
Airlines are also gradually introducing a sustainable alternative to jet fuel made from waste products like cooking oil and tallow.
Sustainable aviation fuel (SAF) is already being used by commercial airlines, but not in large amounts. It’s pricey now, but Burke said that more commercial plants and decarbonization incentives may boost the industry.
Many of the top airlines have goals to increase their SAF usage. Southwest and American are aiming to replace 10% of their jet fuel consumption with SAF by 2030.
SAF, unlike jet fuel that relies on crude oil, is insulated from the effects of global conflict.
Hitting the skies? Here’s what experts say you should consider
Even if the war were to end today, jet fuel prices will likely remain elevated for several months.
“If you are looking at summer travel, I think there’s no question that you will be paying these higher prices,” Burke said.
A lot boils down to the supply chain. It takes time for crude oil, currently held up in the Strait of Hormuz, to arrive at the refineries that turn it into jet fuel.
The U.S. is somewhat protected, Burke said, because it has jet fuel refineries. Europe, however, could be facing a jet fuel shortage in as little as six weeks, the head of the International Energy Agency has warned.
About 75% of Europe’s jet fuel imports are from the Middle East, according to IEA reports.
Experts recommend that if you’re considering booking a ticket, buy it now rather than wait.
“Historically, prices don’t come down fast after the resolution of a given situation,” Rob said.
Travelers eyeing next fall or winter may be in for better luck. Burke recommended waiting and monitoring the conflict if you’re planning travel later in the year.
The last time jet fuel prices were this high was in 2022 after Russia first invaded Ukraine.
Prices spiked dramatically in the first six weeks of the conflict, similarly to what we’re seeing now, before starting to trickle back down. It took more than a year for prices to stabilize at pre-invasion levels.
