Story perspectives

US Airlines Spend $5B on Jet Fuel, Face $12B Losses

5/7/2026

Summary

Story summary

United States airlines spent $5.06 billion on jet fuel in March, a 56 percent increase from February.
IATA reported kerosene averaged $181 (€154) per barrel, more than twice last year’s price.
Ryanair added $50 million in fuel costs, could reach $600 million, and hedged 80 percent of fuel through March 2027.
Former Governor Chris Sununu warned of $12 billion airline losses this year and advised booking domestic flights 60-90 days ahead and international trips three-six months ahead.

History

Historical Context

In October 1973 OAPEC announced an oil embargo against the United States and other Israel-supporting nations, prompting OPEC to lift posted prices from about $3 to nearly $12 per barrel—a rise of roughly 300 percent by early 1974. The shock tripled jet-fuel costs and forced airlines to cut routes, a pattern echoed today as jet-fuel trades near $181 per barrel, prompting carriers like Ryanair to hedge heavily.

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Story summary

United States airlines spent $5.06 billion on jet fuel in March, a 56 percent increase from February.
IATA reported kerosene averaged $181 (€154) per barrel, more than twice last year’s price.
Ryanair added $50 million in fuel costs, could reach $600 million, and hedged 80 percent of fuel through March 2027.
Former Governor Chris Sununu warned of $12 billion airline losses this year and advised booking domestic flights 60-90 days ahead and international trips three-six months ahead.

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