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http://www.bizjournals.com/wichita/stories/2008/06/16/daily18.html
Wednesday, June 18, 2008 - 9:54 AM CDT
Fuel costs gobble 73 cents on every airline dollar
Wichita Business Journal - from the Phoenix Business Journal
Related News
ATA CEO James May said fuel costs amount to $139 of the current U.S. average air fare of $191. That leaves airlines $52 to cover the rest of their costs. May made his comments before a U.S. Senate committee, adding the airline industry will lose $10 billion this year and its fuel costs will total $60 billion, up $20 billion from 2007.
Airlines and other businesses are pushing Congress, the Bush administration and presidential candidates John McCain and Barack Obama to do something about rising oil prices. They especially want to curtail commodity market speculators and futures traders, who they say are driving up oil prices. That could include imposing new rules on oil and commodities trading to minimize speculation.
Neither McCain nor Obama have talked about such practices in the debate over high oil and gasoline prices. Oil prices stood at more than $133 per barrel Tuesday, according to Oil-Price.net.
Energy inflation is decimating airlines bottom lines and forcing carriers including US Airways, American Airlines and Continental Airlines to cut flights, impose new charges and lay off workers.
Wednesday, June 18, 2008 - 9:54 AM CDT
Fuel costs gobble 73 cents on every airline dollar
Wichita Business Journal - from the Phoenix Business Journal
Related News
- Carbon emissions bill draws criticism from both sides of the issue [Phoenix]
- First-bag fee: Will it carry industry clout? [Cincinnati]
- Trade group predicts busy summer travel season [Albany]
- American Airlines praises Congress for focusing on oil-market speculation [Dallas]
- Airline passengers blame bad service, not prices [Baltimore]
ATA CEO James May said fuel costs amount to $139 of the current U.S. average air fare of $191. That leaves airlines $52 to cover the rest of their costs. May made his comments before a U.S. Senate committee, adding the airline industry will lose $10 billion this year and its fuel costs will total $60 billion, up $20 billion from 2007.
Airlines and other businesses are pushing Congress, the Bush administration and presidential candidates John McCain and Barack Obama to do something about rising oil prices. They especially want to curtail commodity market speculators and futures traders, who they say are driving up oil prices. That could include imposing new rules on oil and commodities trading to minimize speculation.
Neither McCain nor Obama have talked about such practices in the debate over high oil and gasoline prices. Oil prices stood at more than $133 per barrel Tuesday, according to Oil-Price.net.
Energy inflation is decimating airlines bottom lines and forcing carriers including US Airways, American Airlines and Continental Airlines to cut flights, impose new charges and lay off workers.
