Fox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Jet fuel prices in the U.S. have more than doubled in a matter of weeks as Middle East tensions squeeze supply, fueling concerns airlines could run short of fuel. Prices jumped from about $2.17 to $4.57 per gallon by March 27, according to the Argus U.
S. Jet Fuel Index. Airlines warn inventories could run dry within weeks, raising the risk of higher airfares and flight cancellations. Airlines are already adjusting. United Airlines CEO Scott Kirby said the carrier will cut about 5% of planned flights in the near term as fuel costs surge, warning that if prices persist, jet fuel alone could add $11 billion in annual expenses. MAPPED: WHERE GAS PRICES ARE RISING THE FASTEST FROM THE IRAN CONFLICT United is also scaling back service during off-peak periods and suspending select international routes, including Israel and Dubai due to the conflict. Meanwhile, Delta Air Lines CEO Ed Bastian said the jet fuel spike added as much as $400 million in costs in March alone. He said the airline is moving quickly to pass those higher costs on through fare increases. American Airlines also expects fuel to add about $400 million to its first-quarter expenses. The impact is also spreading beyond U.S. carriers. European airline chiefs, including executives from Lufthansa and Air France-KLM, warned that a prolonged conflict in the Middle East will push fares higher and strain already tight fuel supplies, with some cautioning that jet fuel could run out if disruptions persist. Airlines are already acting on those pressures. Air France-KLM plans to raise long-haul ticket prices, while Cathay Pacific and several Asian carriers are increasing fuel surcharges. SAS said it will cancel about 1,000 flights in April due to rising costs, while Qantas and Thai Airways are also adjusting fares and schedules. THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT Jet fuel, one of airlines’ largest expenses, is especially volatile due to thin inventories, specialized storage and limited spot trading, which can amplify price swings when supply tightens. The Middle East exports about 1.1 million barrels per day of jet fuel—roughly 15–17% of global consumption—according to Jaime Brito, executive director of refining and oil products at OPIS. Much of that supply moves through the Strait of Hormuz, where tanker traffic has slowed sharply amid rising regional tensions. CLICK HERE TO DOWNLOAD THE FOX NEWS APP Just 21 miles wide at its narrowest, the waterway between Iran, the United Arab Emirates and Oman is a critical energy choke point. The waterway carries roughly 20 million barrels of oil per day and about one-fifth of global liquefied natural gas, along with significant volumes of jet fuel.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fox News Poll Shows Trump's Popularity Declining'I'm the highest polling person.'
Read more »
Fox News AI Newsletter: Family turns down $26M from AI giant to keep farmlandFox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »
Love Is Blind’s Vic Clarifies Politics After Fox News Cameo‘Love Is Blind’ season 10 star Victor St. John clarified his political stance after appearing on ‘Fox News’
Read more »
Fox News Entertainment Newsletter: David Spade slams Newsom and Bass, Howie Mandel calls out Kelly RipaFox News Channel offers its audiences in-depth news reporting, along with opinion and analysis encompassing the principles of free people, free markets and diversity of thought, as an alternative to the left-of-center offerings of the news marketplace.
Read more »
Megyn Kelly Slings Favorite Insult at Fox News Host in MAGA Civil WarMegyn Kelly and Mark Levin continue to spar over Iran.
Read more »
Trump Drops Hint About Major War EscalationThe Fox News-obsessed president is relaying his war messaging through cable news.
Read more »