Jet fuel prices rise in the US: industry is feeling serious pressure

In the US, airlines have dramatically increased their fuel spending. In March, they spent more than $5 billion – a 56% increase from February.

Reuters reports this.

According to the US Department of Transportation, aircraft fueling costs increased by $1.8 billion in one month.

The reason was not only the seasonal growth in transportation, but primarily the sharp increase in fuel prices.

In particular, the average price of one gallon increased by 31% and reached $3.13.

Experts attribute the situation to the escalation in the Middle East. After the US and Israel attacked facilities in Iran, shipping through the Strait of Hormuz became significantly more difficult.

This caused an energy shortage and pushed up jet fuel prices.

Analysts note that the current situation has become one of the biggest challenges for global aviation in recent years – the industry has only experienced similar pressure during the pandemic.

Earlier, Iran said that safe passage of ships through the Strait of Hormuz is possible only under “new procedures” after the suspension of the US military operation in this waterway.

Recall that the US and Iran may soon agree on a basic agreement that should stop tensions in the region and open the way to full-fledged negotiations on the nuclear program.