Rising jet fuel costs could impact ticket prices in coming months

With the rise in jet fuel prices, airline fares could increase in the next few months.
With the rise in jet fuel prices, airline fares could increase in the next few months.(NBC12)
Published: Mar. 8, 2022 at 3:33 PM EST|Updated: Mar. 8, 2022 at 3:39 PM EST
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HENRICO COUNTY, Va. (WWBT) - From the ground to the sky, fuel prices are soaring there as well.

According to Poynter, jet fuel prices have risen more than 50% already this year. An airline analyst told CNBC it could take roughly four months before fares catch up with the fuel increase.

Ultimately, it has some people already mapping out what future travel plans will look like.

“We’re going, I think, to visit family for Easter, so that will be the next time we’re traveling, and we’ll be driving for that,” said Corey Pearson. “Obviously, that’s going to be a more expensive trip.”

While there’s no crystal ball at how high fuel prices could rise, it is now leaving families finding ways to pinch the pennies.

“Saving up more for our trips, absolutely,” said Aileen Pearson.

Unfortunately, those spikes are being felt in the airline industry. Jet fuel prices have risen more than 50% already this year and are climbing.

“We’re also introducing a new aircraft on some of our routes which is the A220 which is one of the most fuel-efficient aircrafts there are available out there,” said Angela Vargo, Vice President of Marketing for Breeze Airways.

Breeze Airways plans to use those planes on new non-stop flights announced Tuesday, including trips from Richmond to San Francisco and Las Vegas.

Barbara Freeman’s daughter arrived home from Vegas on a different airline and said seat prices had already changed.

“She’s been in Vegas a week, and she said the price went up in the time she got to Vegas to now,” Freeman said.

While Breeze specializes in low fares, the CEO does acknowledge changes could happen in the future.

“We have introductory fares, and of course, with higher fuel prices kicking in, we will have to raise them a little bit,” said Breeze CEO and Founder David Neeleman. “We’re obviously upset about the rising fuel prices but more upset about the poor people in Ukraine, and our prayers are with them.”

It is a sentiment some other travelers agree with as well.

“I think that conversation around gas prices is minimal compared to what’s going on in the rest of the world,” Pearson said. “I think people should just be grateful that we don’t really have real problems here; gas prices are the worst of our problems.”

This is a fluid situation, one the airlines and travelers are monitoring closely.

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