The price of jet fuel is twice as much as it was last year, according to U.S. federal data – an ominous sign for cash-strapped summer revelers ahead of what...
The price of jet fuel is twice as much as it was last year, according to U.S. federal data – an ominous sign for cash-strapped summer revelers ahead of what is expected to be a busy travel season.
The spot price for jet fuel was $3.517 per gallon as of Monday, according to data from the US Energy Information Administration for the Gulf Coast. That’s approximately twice as high as the same week one year ago, when the spot price was $1.765. The exorbitant cost of plane tickets was reflected in the Consumer Price Index earlier this month. Airline fares jumped a whopping 33% last month compared to the previous April, while overall price inflation hit 8.3%.
A struggling global energy market has been under even more pressure since Russia began its invasion of Ukraine in late February. Disruptions to shipments and the overall uncertainty has caused the price of fuel to skyrocket in recent months.
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