Fuel crisis set to wreak havoc on summer vacations as CEO issues urgent warning
NY Post
United Airlines CEO Scott Kirby is warning travelers that rising jet fuel costs could soon hit airline ticket prices.
“No one hedges anymore, and even if you do, hedging the crack spread is really hard to do,” Kirby said during a recent event at Harvard University. “Airfare increases will probably start quick” as higher fuel costs ripple through the airline industry.
The crack spread is the difference between the price of crude oil and the price of the fuels made from it, like gasoline or jet fuel.
In simple terms, it shows how much profit a refinery can make by turning crude oil into usable fuels. Oil companies and airlines often track it because it helps them manage the risk of fuel prices rising or falling.
The warning comes as jet fuel prices surge amid escalating tensions in the Middle East following the US-Israeli war in Iran, raising concerns across the aviation sector just months before the busy summer travel season.
Industry analysts say the spike in fuel costs could eventually translate into higher airfares, additional fees and potentially fewer flight options for travelers.
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United Airlines CEO Scott Kirby is warning travelers that rising jet fuel costs could soon hit airline ticket prices.
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