Jet fuel prices have dropped. Why are air fares still so high?
Summary
Jet fuel prices have gone down after rising during the Iran war, but plane ticket prices remain high. Experts say strong travel demand and the shutdown of Spirit Airlines are keeping airfares expensive despite lower fuel costs.Key Facts
- Jet fuel prices dropped after rising due to the Iran war.
- Plane ticket prices have not fallen much because demand for travel is still strong.
- Spirit Airlines shut down, removing a low-cost option for travelers.
- Airlines have less capacity to carry passengers, which keeps prices high.
- Ticket prices rose 18% in May compared to the previous year.
- Airlines raise prices quickly when costs increase but lower them slowly when costs drop.
- Many travelers now prefer paying for better seats and services, not no-frills flights.
- The number of passenger trips in May stayed about the same as the year before.
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