American Airlines Files Fare Increase as Crude Oil and Jet Fuel Prices Skyrocket
American Airlines said today it has filed fare increases of $10 one way and $20 round trip in an effort to recover some of the costs associated with recent large increases in the price of crude oil and jet fuel. Only fares in the continental United States are affected by these increases.
Just since August, average spot market crude oil prices have risen by nearly $14 a barrel. That increase translates into more than $1 billion of additional annual expense for American.
Crude oil prices on the spot market averaged $85.66 per barrel for all of October, but closed at $94.53 a barrel just yesterday -- the highest of any day in October. Since January 2007, refined jet fuel prices on the spot market have risen nearly 44 percent.
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