FRESNO, Calif. (KFSN) — With the ongoing war in the Middle East, airlines across the U.S. are feeling a pinch and so are air travelers.
“We’ve already seen prices rise quite a bit and we’ll probably keep seeing prices rise in the next weeks and months, depending on what happens in the Strait of Hormuz,” UC Merced associate professor of economics, Greg Wright, stated.
That body of water helps ship nearly 20% of the world’s oil.
Before the war began, U.S. jet fuel prices sat at $2.50 per gallon, but this week they’re at $4.02 a gallon, according to data from Argus U.S. Jet Fuel Index.
“Jet fuel is a big portion of airline costs. It’s approximately a quarter to a third of those costs, so when jet fuel prices rise, it’s inevitable it gets passed on to consumers,” Wright explained.
The United Airlines CEO agrees.
“If it stays at today’s level, it’s an $11 billion increase in expense. So what do we do about that? One thing is fares are going up. Fares need to go up about 20% to fully cover that,” United Airlines CEO Scott Kirby said.
However, not all airlines are seeing the impact; some have futures contracts that ensure a stable jet fuel price, while others have different strategies.
“The airlines will shift their pricing strategies toward increasing prices for business travelers, people who are loyal customers, fly frequently and away from leisure travelers, but they can only do that so much and so we’re going to see price increases on everyone,” Wright explained.
As the war goes on, it’s unclear how long these impacts will be felt.
“If everything stopped right now, yes, this would probably still remain a prolonged experience for air travelers,” Wright said.
So what should air travelers do to avoid the price increases?
“People have asked me and I’ve told them you should buy now,” Kirby said.
To combat the rising jet fuel price, United Airlines said in a company memo, it is canceling flights deemed “unprofitable” in “off-peak periods” like redeyes and midweek flights.
We have reached out to United to see if those cancellations affect the Fresno Yosemite International Airport, but have not heard back.
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