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.
As the Commodity Futures Trading Commission holds further hearings today on oil speculation, The Wall Street Journal says further regulation could lower prices in the short term while leading to even greater price swings in the future. Limits on speculation could also make it harder for airlines to hedge their fuel prices, the Journal warns, because such contracts require a party on the opposite side of the deal.
A surge of summer leisure travelers and several days of bad weather led to a slight decline in June on-time performance for U.S. airlines, snapping a months-long streak of steadily improving numbers. Still, June's on-time rate of 76.1% was markedly better than the 70.8% recorded in the same month last year, and 43% of delays were blamed on bad weather. Mishandled bags and customer complaints also fell in year-on-year comparisons.
Senators drafting climate-change legislation may be too busy with health care legislation to deal with proposed cap-and-trade plans, according to Washington insiders. "The reality is, [the health reform bill] is going to happen before cap and trade," said Rep. Collin Peterson, D-Minn., chairman of the House Agriculture Committee. "Who knows if it will ever come out of the Senate?"
Airlines have "a lot of catching up to do" after the recent spike in oil prices, a spokesman for the Air Transport Association told National Public Radio. ATA pointed out that even with the additional fees tacked on as oil approached $150 a barrel, the airline industry is still expected to lose up to $5 billion this year, proving that ticket prices never rose enough to keep pace with fuel prices.
Soaring fuel prices will force ATA Airlines to eliminate its four remaining routes at Chicago's Midway Airport this spring. ATA said the flights that it operates from the West Coast to Hawaii are not affected but noted that it will continue to review its flight schedule.