Airline Stocks Plummet as Jet Fuel Prices Skyrocket
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Airline stocks plummeted this week as jet fuel prices surged over 100% in the past month, due to the Middle East conflict disrupting energy supplies. American, United, Delta, Alaska Air Group, and Southwest all experienced significant drops. Crude oil futures hovering above $105 per barrel are driving up jet fuel costs. Supply chain issues, with Asian refiners cutting production and countries restricting exports, are exacerbating the problem. Year-to-date, Americans stock is down 30%, Uniteds off 18%, Deltas slipped 4%, and others are in double digits. Travelers are reacting with delayed trips and frustration from cancellations. Deltas in-house refinery provides a cost advantage, but the industry expects a $400 million expense hit per carrier this quarter. Demand initially spiked during the conflict but has since cooled off, with fuel remaining the biggest challenge amid weather woes and staffing issues.
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