Jet fuel prices have doubled since last year and airline prices see a significant increase ahead of the summer tourist season

 Jet fuel prices have doubled since last year and airline prices see a significant increase ahead of the summer tourist season

Jet fuel prices dropped lower than last month, but still double over last year. In April, domestic airline fares rose by 18.6%, the highest jump ever made. Meanwhile, Bloomberg reports that the top 11 US airlines will fly 12% fewer flights this summer due to a shortage of pilots. Loading There is something loading. Airline fuel prices almost double each year, and airfare rises sharply just before the summer tourist season. Russia's invasion of Ukraine has caused quite a stir in the global power markets, and airplane deployment has become increasingly costly. This week, the price of a US jet fuel spot reached $ 3.517 per liter, according to data from the Energy Information Administration. Although that has decreased since the peak reached in April, it is still almost double last year’s value of $ 1.765 per liter. Inflation also exceeds the 51% annual inflation rate. Four months ago, before the Russian war in Ukraine, American airlines had predicted that jet fuel would fly around $ 2.50, according to data compiled by Bloomberg. Fuel can account for about a third of the cost of a flight, and inflation comes as demand for travel increases while pilots are in short supply. In fact, the top 11 US airlines will fly 12% fewer flights this summer due to a shortage of pilots, reports Bloomberg. Those items came together to increase domestic airline fares by 18.6% in April, according to the Bureau of Labor Statistics. That is the highest jump since the number began to be tracked in 1963. The dose varies, depending on the route. Tickets from New York to San Francisco cost $ 662 - almost double the number since 2019, according to Hopper data compiled by Bloomberg. International flights have seen a slight increase. Los Angeles to London, for example, costs $ 977 on average, a 23% jump from 2019. Some essential oils see a similar inflation as well. Diesel prices have risen by more than 70 percent and supplies have been experiencing a major crisis since the 1970s, an analyst told Insider. At that point, the sticker shock at the pump has begun to affect customers' willingness to fill. Demand for four weeks has been the lowest for this period of the year since 2013, with the exception of 2020, data from the EIA exhibition.