- Jet
fuel prices have eased from last month's high, but they are still double from a year ago. - In April, domestic
airline fares climbed 18.6%, the steepest jump ever.
Jet fuel prices have roughly doubled year over year, and air fares are making a steep climb just ahead of the summer travel season.
Russia's invasion of Ukraine has sparked turmoil across global energy
This week, the US jet fuel spot price hit $3.517 per gallon, according to data from the $4. While that is down from highs reached in April, it's still about double the year-ago price of $1.765 per gallon. The price spike also far outstrips the 51% year-over-year jump in gasoline prices.
Just four months ago, before Russia's war in Ukraine, US airlines had forecasted jet fuel to hover around $2.50, according to data compiled by $4.
Fuel can account for as much as a third of $4, and the price spike comes as travel demand is also up while pilots are in short supply. In fact, the top 11 US airlines will fly 12% fewer flights this summer due to a lack of pilots, Bloomberg reported.
Those factors combined to boost domestic airline fares by 18.6% in April, according to the Bureau of Labor Statistics. That's the steepest jump ever since the figure started being tracked in 1963.
The surge varies, depending on the route. A ticket from New York to San Francisco costs $662 — nearly doubling since 2019, according to Hopper data compiled by Bloomberg.
International flights have seen a lesser increase. Los Angeles to London, for example, goes for $977 on average, a 23% jump from 2019.
Other key fuels are seeing similar price jumps too. Diesel prices are up more than 70% with supplies experiencing their $4, an analyst previously told Insider.
Meanwhile, the sticker shock at the pump has begun to impact customers' willingness to fill up. $4 for this time of year since 2013, excluding 2020, data from the EIA show.