Jet fuel prices have spiked amid the ongoing war in Iran, shaking the global oil market and forcing major airlines to cut flights and raise ticket prices.
Prices reached approximately $4.65 per gallon as of March 31, according to several price tracking sites that monitor jet fuel costs.
The spike is more than 100% in the last month alone.
The surge in costs has driven airfares up by as much as 20% recently as airlines pass the expense to consumers, according to a fuel analyst who spoke to KIRO 7 in recent weeks.
This volatility comes as the industry faces an estimated $11 billion in additional fuel costs for the year, impacting travelers at major hubs like Seattle-Tacoma International Airport.
United Airlines has already begun reducing its flight schedule to manage the rising expenses. United Airlines CEO Scott Kirby said the industry is seeing a rapid increase in ticket costs. “Airfares are up probably 15 to 20% in the last month,” Kirby said.
Frequent travelers are reporting significant price jumps for future trips.
Eric Compton, who was traveling through SEA on Tuesday, says he travels 12 to 15 times per year and he is noticing the financial impact while planning for the summer.
“Luckily I actually paid for this trip about six months in advance but I did start planning for a trip in July or so and I can definitely see the pinch already coming in,” Compton said.
He noted that the cost of a flight from to Chicago has already increased “I saw it increase by a couple of hundred dollars already from Las Vegas to Chicago --- definitely reconsidering if I want to take that route,” Compton added.
Other passengers said they feel they have no choice but to pay the higher rates.
Jolene Summerville, who was traveling to Florida, noted that her trip cost more than $500. When asked if that price felt more expensive than usual, Summerville replied, “Absolutely.”
Another traveler, Ken Hernandez, said the rising costs in the sky and at the gas pump force difficult choices for some families.
“It’s always about price, right? You’ve got to make sure you put food on the table so you can travel or eat,” he said.
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