Air travel prices likely to get worse in coming weeks, Chevron CEO says
CBS News • • business
Key Points:
- Chevron CEO Mike Wirth warned that airline fares may rise and flight availability could decrease in the coming weeks due to ongoing tensions with Iran affecting global fuel markets.
- Jet fuel supplies are tightening rapidly in Europe and Asia, leading airlines to adjust flight schedules and increase fares, with U.S. carriers somewhat insulated due to domestic jet fuel production.
- The conflict has exacerbated an existing jet fuel shortage, prompting airlines to hike bag fees and cut routes, with planes expected to be fuller and flights less frequent.
- In North America, jet fuel prices have surged over 80% compared to last year, contributing to higher gasoline and diesel prices nationwide.
- The situation is expected to continue impacting the aviation industry and fuel costs, with further details to be discussed on "Face the Nation with Margaret Brennan."
