LOS ANGELES (KNX) — Travelers beware, it’s not just your car that’s going to cost you. Since the invasion of Ukraine on Feb. 24, the already high gasoline prices have only continued to grow. As a result of higher prices and increased demand for air travel, flight tickets are about to get a little pricier.
Domestic airfare is expected to increase by 7% each month through June, according to January data collected by travel booking site Hopper. This month, the company also found that jet fuel continues to hit the highest prices seen since August 2014.
“U.S. Gulf Coast Kerosene-type Jet fuel reached $2.86/gallon last week, according to the U.S. Energy Information Administration….since jet fuel is a product of refining crude oil, an increase in crude oil prices would result in higher jet fuel prices, which would eventually appear in higher airfare,” Hopper reported.
The site’s January data showed a 60% increase in jet fuel prices from the start of 2021 and Hopper said it expected increased fuel prices to contribute to higher airfare throughout 2022.
While the continued spike in gas prices has been a factor to consider when it comes to airfare, it isn’t the only one.
The coronavirus pandemic hasn’t ended, but as the Omicron Variant wanes and fewer and fewer COVID-19 cases pop up, more people people are starting to feel safe about air travel again.
As a result, Hopper Economist Adit Damodaran said he expects to see increases in flight costs.
“From an industry perspective, we are in a pattern where during a COVID variant we have suppressed demand, but once it wanes we see pent up demand take off,” Damodaran told The Points Guy.
“We are now seeing that bookings follow the waves of the variants. There are times where consumer confidence is high and consumers are eager to book, and other times where they are more hesitant…typically, over the past two years, this swing is part of a two to three-month interval.”
So far, few airlines have shared details about any in place or future increases. However, Delta Airlines confirmed to The Hill that it will raise prices by 10% to cover fuel cost increases.
The outlet reported that Delta, United and American Airlines all confirmed they’ve seen higher-than-ever demand for flights in recent months.
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