Airfares are lifting off because of rising oil prices. These tips could save you money.
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The cost of taking a flight in the U.S. is starting to take off because of rising oil prices stemming from the Iran war, which has already sharply boosted the cost of driving a car. Edited by Alain Sherter In:
The cost of taking a flight in the U.S. is starting to take off because of rising oil prices stemming from the Iran war, which has already sharply boosted the cost of driving a car.
A recent analysis of U.S. airline ticket prices by Deutsche Bank analysts found that average domestic airfares for travelers booking flights later this month have climbed by between 15% and 124%. The cost of a flight on discount carrier Spirit Airlines for late-March had jumped from $86 to $193, the analysis found.
The average fare for transcontinental flights has jumped over 100%, while flight prices to the Caribbean, Florida and transatlantic destinations have also risen, according to the investment bank.
With jet fuel costs increasing, some airlines have added surcharges to offset higher oil costs. Deutsche Bank said that sustained elevated price levels for jet fuel could pose an "existential threat" to the airline industry, noting that carriers often cut routes and ground planes when fuel costs become excessive.
Australian airline Qantas and Scandinavian Airlines have both recently added fuel charges to ticket prices.
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