Consumers navigate higher airfares as jet fuel prices continue rising
The war in Iran is also affecting airfare, with consumers seeing higher prices when buying plane tickets.
As passengers make their way through Bradley International Airport, many are thinking about where they’re flying next and noticing that booking their next flight will cost more.
“Prices have escalated pretty dramatically in the last couple of months,” Mary Anne Fernandez, who lives in Western Massachusetts, said.
“It’s a little bit difficult right now,” Jaclyn Wolf, who’s traveling from Kansas, said.
A big reason is the surging price of oil. The war with Iran is causing a blockade of oil traffic in the Strait of Hormuz. That’s creating a ripple effect on jet fuel prices.
The price of jet fuel has certainly spiked. As of Tuesday, it’s costing airlines $4.30 a gallon. That’s up more than 70% from the end of February.
United Airlines CEO Scott Kirby said he expects airfare to jump about 20% with the price of oil still surging. Quinnipiac University professor Mohammad Elahee says while bigger carriers like United can weather the hikes in the short term, budget airlines like Spirit could see big increases in ticket prices first.
“Their profit margin is very low and the price of jet fuel as a proportion of overall cost of operating a flight is higher for such airlines,” he said.
Elahee says even if the war was resolved quickly, ticket prices won’t be what they were before for quite some time.
“Still, there is a lag, still there will be a few weeks of time when the price becomes normal,” he said.
Fernandez has already seen a flight to Italy in September jump by a few hundred dollars.
“Definitely more expensive, which I would expect with gas prices going up,” she said.
Elahee urges people to wait to buy their plane tickets if they can. For now, fliers like Fernandez say they’ll be scouring different airlines and websites for the best deals.
“It’s certainly a journey trying to get flights. You have to work a lot harder,” she said.
“Definitely want to try to see if there’s any deals or sales going on to make it a little easier,” Wolf said.
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