Impact of Middle East Conflict: US Airlines' Fuel Spending Surges Significantly

Los Angeles (ANTARA) - US airlines spent $5.06 billion on jet fuel in March amid escalating unrest in the Middle East, marking a 56.4 per cent increase from February and a 30.4 per cent rise compared to the previous year. According to the US Department of Transportation on Wednesday, airlines consumed 1.615 billion gallons of fuel, reflecting a 19.5 per cent increase from February and a 0.4 per cent rise from March 2023. The average fuel cost in March was recorded at $3.13 per gallon, up 74 cents (30.9 per cent) from February and 72 cents (29.9 per cent) higher than a year earlier. The surge in fuel prices triggered by the Middle East conflict has imposed significant pressure on airline operations. Spirit Airlines, a Florida-based ultra-low-cost US carrier, announced on Saturday (2 May) that it has officially ceased operations after the fuel cost spike hampered its ability to emerge from bankruptcy.