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U.S. jet fuel near a record as holiday airfares rise, NPR reports
NPR reports U.S. jet fuel topped $4.75 a gallon this week, with Hopper citing Thanksgiving fares about 30% higher than a year earlier.
- New headline Was: “With jet fuel prices near a record, holiday airfares soar higher”
- Our desk filed its story
Based on reporting by NPR
NPR reported on Friday that U.S. jet fuel prices are close to a record and that holiday airfares are higher than a year earlier1.
The radio network said tracking firm Argus put the average U.S. jet-fuel price above $4.75 a gallon this week, nearly twice the level of a year ago1. Hayley Berg, lead economist at travel company Hopper, told NPR that airfares are at a 10-year high because of fuel costs and that airlines pass those costs on in fares1.
Berg said Thanksgiving airfares are up about 30% from last year and Christmas tickets more than 20%, and that holiday travel demand has remained relatively sticky1. NPR said U.S. airlines report demand holding as fares rise1. On an earnings call this month, Delta Air Lines chief executive Ed Bastian said consumers have shown limited resistance and still see airfare as reasonably affordable, according to NPR1.
NPR also cited Ryanair chief executive Michael O'Leary as saying European airfares could rise next year by 10% to 20%1. Independent Argus, Hopper and airline filings were not reviewed for this report.
