Please Fasten Your Seatbelts: Airline Industry Flying Straight Into Turbulence Triggered By Iran War |
Please Fasten Your Seatbelts: Airline Industry Flying Straight Into Turbulence Triggered By Iran War
(Photo by Justin Sullivan/Getty Images)
If you are flying this summer, as I am, well, good luck to us all, because the airline industry is flying straight into a patch of very rough air thanks to the war in the Middle East.
Since the start of the Iran War, the price of jet fuel has absolutely skyrocketed. According to the International Air Transport Association, jet fuel prices surged 103% at the end of March compared to the month of February. (RELATED: What Everyone’s Missing About Oil Prices)
Some European airlines, which are more exposed to price shocks because they rely more heavily on fuel imports than American carriers, are already beginning to cancel flights to cut operating costs and weather the supply........