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Jet Fuel Hits New Record

Jet fuel prices soared to their highest levels ever on major world spot markets at the end the week of Oct. 22, pushing past $2.50 a gallon, according to the U.S. Energy Information Administration.

The price peaked at $2.565 in Los Angeles on Oct. 26 and reached $2.548 in New York and Rotterdam. The prices there broke through the $2.50 barrier cleared briefly the week before in Los Angeles as jet fuel prices surpassed previous records that had been reached in the brief spike upward after Hurricane Katrina in 2005.

Major airlines have already raised their jet fuel surcharges several times as fuel prices have climbed 25 percent since May.

Several carriers announced record surcharges of 70 cents a kilo effective this month.

 

 




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