Ahead of the US summer season: The price of jet fuel is double that of last year

The price of jet fuel is twice as high as it was last year, so according to official data in the US and ahead of the travel and summer vacation season which is expected to be busy.

According to the U.S. Department of Energy, for the Gulf Coast, the price of jet fuel was $ 3,517 per gallon (a gallon is worth nearly 3.8 gallons). The price is almost double what it was in the same period last year, when it was $ 1,765 per gallon.

Prices were even higher at New York Harbor, which serves as a re-supply center for airlines in the northeastern U.S. According to the data, prices in New York at the beginning of the month stood at around $ 6 per gallon.

Rising prices are bad news for airlines, which are facing financial difficulties stemming from the Corona crisis and for passengers, as flight ticket prices are expected to reflect the rise in fuel prices.

Higher airline ticket prices were reflected in the Consumer Price Index, released earlier this month. Airline fares jumped 33% last month compared to April last year, while headline inflation stood at 8.3%.

In the US, Memorial Day is celebrated this weekend, and over 3 million Americans are expected to fly this weekend. Although the figure is lower than it was before the outbreak, it is 25% higher than last year, so 2.41 million Americans flew over the long weekend .

The global energy market was also affected by Russia’s invasion of Ukraine in late February. Disruptions to shipments and general uncertainty have led to a spike in fuel prices in recent months.

Jet fuel prices are not the only ones affected by the situation. Fuel prices also rose and on Thursday climbed to a high of $ 4.60 per gallon, a rise of more than a dollar and a half compared to last year.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent News

Editor's Pick