Surging Fuel Prices Could Hinder Summer Flying Plans

One expert breaks down the reasons for the spike, and how it may keep some airplanes out of the sky a bit more as the weather warms up.

Michael Wildes

Monday, May 02, 2022 at 05:07 PM ET

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The cost of fueling your aircraft these days might keep you from those summer missions you had in mind. [File photo: Shutterstock]

Key Takeaways:

Diesel and jet fuel prices have soared to their highest levels since 2008, significantly impacting general and business aviation, forcing airlines to cut capacity, and raising costs across the travel and shipping sectors.
The surge is primarily driven by the International Maritime Organization's 2020 mandate diverting fuel components to marine markets, exacerbated by sanctions against Russia and critically low U.S. fuel inventories.
Experts predict these elevated fuel costs, with diesel disproportionately affected, will persist through the summer, leading to the highest inflation-adjusted diesel prices since 2014 and continued financial pressure on aviation and logistics.

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The cost of diesel has risen to its highest point since 2008, causing jet fuel prices to also climb to stifling heights. One expert says things might stay that way long enough to affect summer travel plans. That’s a proposition that general and business aviation pilots and operators might not be fond of.

In a recent update, FreightWaves Editor at Large John Kingston, a prominent voice in the energy sector, pointed out that “according to the Department of Energy’s Energy Information Administration (EIA), retail gasoline is up 26 percent from the start of the year — but diesel is up 42.8 percent.”