The price of jet fuel has continued to skyrocket over the last year, currently clocking in at a whopping 36.5 percent higher than at this time last year. In order to cope with the resulting massive increase in operational costs, commercial airlines have been reducing the number of flights run on select routes and are presently considering raising fares.
Just this month several major airlines have announced major cutbacks in flights. American Airlines
announced it would be suspending all flights between Chicago and Shanghai during the month of October, as well as reducing the number of flights between Chicago and Tokyo’s Narita International Airport, cutting down from daily service to just three times a week, explicitly citing the current price of jet fuel as a prime reason for these decisions. On the very same day as American’s announcement, Hawaiian Airlines suspended their own flight service between Beijing and Honolulu. It’s extremely evident that even major airlines are scrambling to keep up with rising fuel costs without raising prices for a cost-conscious consumer base.
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