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 reached their highest levels since 2008, significantly impacting general, business, and commercial aviation, with experts predicting these high costs will continue through the summer.
The main reasons for the surge include the 2020 IMO mandate diverting fuel components to the marine sector, exacerbated by sanctions against Russia limiting oil supply, and historically low U.S. fuel inventories.
This has led to substantial operational cost increases for airlines (e.g., Alaska and Allegiant cutting capacity), higher ticket prices for travelers, and increased shipping costs for cargo and consumers.

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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.”