Holiday airfares soar to 10-year high. Here's how to save on flights.
Summary
Holiday airfares in the U.S. are at their highest in 10 years due to rising jet fuel costs caused by the conflict in Iran. Tickets for Thanksgiving and Christmas trips are significantly more expensive compared to last year, and experts suggest booking early and traveling on less busy days to save money.Key Facts
- Average round-trip airfares for Thanksgiving are $402, up $95 from last year.
- Christmas round-trip tickets average $452, an $85 increase from last year.
- Domestic airfare prices have risen 31% compared to last year.
- The Iran war has reduced oil supply, raising jet fuel costs, which make up about 30% of airline expenses.
- Jet fuel prices peaked at $209 per barrel in April and remain high at about $195 per barrel in September.
- Oil prices recently fell slightly to around $97 per barrel from over $100 but remain higher than the pre-war price of $72.
- Travelers are advised to book flights before Halloween and fly on less popular days to avoid higher fares.
- Airlines have raised fares, added fees, and cut routes to cope with higher fuel costs.
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