Holiday Season Airfares Soar on Pricey Fuel and Revenge Travel
- Aviation fuel prices rising more than twice as fast as oil
- Russia’s gas curbs have contributed to scarcity of jet fuel
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Travelers alarmed at sky-high airfares this Christmas can add soaring fuel prices spurred in part by Russia’s weaponization of its energy resources to the list of factors to blame.
The price of jet fuel -- which typically accounts for around a quarter of an airline’s total operational costs -- is on a tear. The jump this year is more than double the gains in crude oil, reflecting both the pent-up demand for air travel after the virus as well as dislocations in energy markets due to the war in Ukraine and the pandemic.