The dramatic run up in oil prices since Russia’s invasion of Ukraine in February has claimed a new record: the highest-ever average April fuel price for U.S. airlines since record keeping began 22 years ago.

U.S. carriers paid an average of $3.59 per gallon for 1.35 billion gallons of fuel — a tidy $4.85 billion — in April, new data from the Bureau of Transportation Statistics (BTS) show. The cost was up 18 percent from March, and 74 percent from April 2019.

(Tony Webster/Flickr)

Fuel prices in the U.S. have only held above $3.50 per gallon once before since 2000. They hovered between $3.57 and an all-time peak of $4.10 per gallon from June to October 2008, according to BTS.

The average price of fuel is only expected to rise further with Brent crude spiking to around $120 per barrel since the EU announced plans for a partial ban of Russian oil on Monday. On Wednesday, Delta Air Lines raised its second quarter fuel cost forecast by at least 7 percent to an average of $3.60-3.70 per gallon.

November 16, 2022
Dallas-Fort Worth, TX and Online
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Tags: delta air lines, fuel prices, oil prices