Fuel costs are one of the primary drivers of airline ticket prices. While prices surged in 2022 due to high demand following the previous pandemic-related slump in air travel, they have stabilized over the past two years with some fluctuations. As of July 2024, the price for a gallon of jet fuel is around $2.39, down 42 percent compared to its post-2019 peak in 2022.
However, jet fuel still has a significantly higher price tag than before the pandemic. Our chart based on EIA data shows that the fuel price remained steady in 2019 between $1.80 and $1.90 per gallon. Over the first months of 2020, kerosene prices for U.S. Gulf Coast dropped until May 2020, after which prices almost continually rose until June 2022.
Since the price of jet fuel is not expected to decrease in the near future, airline tickets remain expensive. This is particularly evident in the annual reports of airlines, which have recently reported high fuel costs more frequently. Additionally, high taxes and airport fees are often passed on to consumers.
Translated and adapted from the original by René Bocksch.
