Check the latest weekly average jet fuel price by region, courtesy of Oil Price Information Service. For historical data or for more information about energy-related matters, please visit the energy/fuel section of the ATA Web site.
Airbus parent company EADS posted a stronger second-quarter profit, but analysts said it fell below their expectations. Delays to the double-decker A380 plane and the weak dollar hurt results. Meanwhile, sales increased as the company delivered more jetliners.
Airlines are cutting capacity even at large and mid-size hubs, which means airports will be more crowded as travelers wait longer between connections for fewer seats. According to the Air Transport Association, the number of seats available will be down 8.4 percent by the fourth quarter of 2008. Carriers have already announced schedule reductions that will go into effect after Labor Day, reductions driven primarily by soaring fuel costs.
Investigators determined that exploding oxygen cylinder fragments forced an emergency landing of a Qantas flight last Friday in Manila. The fragments tore off a door handle after exploding through the floor, but the door remained in the closed position. The Boeing 747-400 landed safely with no injuries to the 365 passengers and crew.
Since peaking at $145 a barrel on July 3, oil prices have dropped 16% to $122 a barrel. Some experts predict oil may fall to $70 a barrel by the end of the year, which would be welcome news for American drivers as well as the transportation industry. Average gas prices peaked at $4.11 a gallon on July 17 but have since fallen to $3.94 a gallon.
In a letter to the Minot, N.D., Daily News, Sen. Byron Dorgan, D-N.D. urges dramatic change for U.S. energy policy to avoid pitfalls of the past. Dorgan calls for bipartisan support of legislation to end oil speculation, as well as policies to encourage conservation and alternative energy sources. Dorgan also supports increased drilling for the short term but warns it's only a temporary solution.