Totally grounded? How the jet fuel crisis could change our summer holidays – and world history
Summary
The war in Iran and a possible blockade of the Strait of Hormuz could disrupt jet fuel supplies worldwide, raising fuel prices and forcing airlines to cut flights or raise fares. While the world is not likely to completely run out of jet fuel soon, shortages and higher costs are already affecting air travel and could last for months.Key Facts
- About 41% of European aviation fuel passes through the Strait of Hormuz.
- Global shipments of jet fuel recently hit their lowest recorded level.
- The world uses around 100 million barrels of oil daily; around 15 million barrels go through Hormuz.
- Some oil can be rerouted through pipelines and other production regions.
- Refineries can adjust how they process crude oil but cannot make unlimited jet fuel from heavy oil parts.
- If the war in Iran drags on, fuel stockpiles could be depleted by the end of June.
- Jet fuel prices have roughly doubled in the last two months.
- Airlines like Lufthansa cut flights, Spirit went bankrupt, Virgin and British Airways raised fares, and EasyJet introduced fare guarantees based on fuel price hedging.
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