Jet fuel prices surged to new records in the past week, reaching $2.738 a gallon in one spot market.

The peak price in Los Angeles on Nov. 2 was nearly 16 percent higher than three weeks ago and nearly 60 percent higher than at the start of the year. Average jet fuel prices in October reached $2.396 in New York and $2.44 in Los Angeles but started November at better than $2.60 a gallon on most world markets, according to the U.S. Energy Information Administration.