Some major passenger carriers are being forced to trim their flying schedules due to the uptick in jet fuel prices, which have been driving by an increase in oil prices.
People check in at Alaska Airlines ticketing kiosks at Seattle-Tacoma International Airport before the Thanksgiving holiday in Seattle, Washington, U.S.
Spot prices for Gulf Coast jet fuel have doubled in the past 14 months and risen one-third just since the start of this year. Since fuel can amount to one-third of aAlaska Airlines said in a regulatory filing Tuesday that fuel prices have been volatile "as a result of the conflict in Europe and Russia's ongoing invasion of Ukraine." The carrier estimated that fuel will cost between $2.60 to $2.65 per gallon for the first quarter, surpassing its earlier projection of $2.45 to $2.
As a result of the "sharp rise," the carrier said it "slightly moderated our capacity outlook for the year." Alaska expects to cut down on its flights between 3% and 5% in the first half of 2022. Travelers walk through in Salt Lake City International Airport, Tuesday, March 9, 2021, in Salt Lake City.
"We continue to plan for a return to 100% of pre-COVID capacity by summer followed by growth in the second half of the year, and will continue to prudently adjust capacity as necessary in response to the evolving fuel environment," the company said in the filing.
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