Posted on 04/05/2022 9:31:56 AM PDT by blam
Wholesale jet fuel prices in New York have risen more than 162% since mid-March, as buyers at some of the world’s busiest airports, located on the US East Coast, anticipate dwindling supplies as Western sanctions shun Russian energy exports.
On Monday, jet fuel prices jumped 93 cents to $7.61 a gallon, a new record high, according to Bloomberg data going back to 1988.
According to Reuters, there are two major issues. The first is East Coast depends on fuel shipments via the Texas-to-New Jersey Colonial Pipeline for refined products and imports from Europe. But there’s been a snag as distillate shortages in Europe and shunning of Russian energy exports have helped accelerate the decline in distillate stockpiles in PADD 1.
Distillate stockpiles at PADD 1 are at 2015 levels.
For this time of year, ahead of the summer flying season, distillate levels are at some of their lowest levels in two decades (besides 2003 & 2015).
“It is ridiculous what’s going on in PADD I with jet, and it’s not sustainable,” Patrick DeHaan, lead petroleum analyst at GasBuddy, told Reuters.
DeHaan tweeted a video of airline ticket prices soaring, likely because airlines are price sensitive to jet fuel and may already pass higher costs to consumers.
Pricing some flights and this one went from $3039 to $19,167 on check out. Ouch. pic.twitter.com/XZQ1YnZYcG
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) April 4, 2022
S&P Global Commodity Insights said industry insiders “do not attribute this exponential leap in jet fuel’s value to a single, consequential event confined within the parameters of the Atlantic Coast jet fuel market. Rather, it is regarded as only the most recent development in a sequence of events beginning with the conflict between Russia and Ukraine. “
The best and easiest cure for soaring jet fuel prices is demand destruction, which will be costly for airlines that will see a collapse in ticket sales.
I paid $6.79 for AvGas yesterday in Vegas, was $5.35 a month ago and $6.30 last week
No problem just use all the electric planes huh.
Elections have consequences.
Embrace the SUCK NY!................
And air fares have just about doubled. No flying east to see the grandkids this year, I guess.
Cut off fuel to Occupied Blue States?
Pricing some flights and this one went from $3039 to $19,167 on check out. Ouch. pic.twitter.com/XZQ1YnZYcG
—
Who’s going to pay $19k for a plane flight?! You’re half-way to the price of a decent new car, if new cars were actually available to buy.
...or big rubber bands.
Liberals are ecstatic.
The private jet crowd doesn’t care about prices, but it does care if there isn’t any.
I thought that the US sent Diesel [distillate] to YouRope in return for gasoline to balance things out.
I wonder IF this is why JetBlue, Spirit and several other airlines all cancelled flights this past weekend.
They blamed it on weather in Miami. Which was BS.
Biden’s America.
another article said “expect spectacularly high airfare increases” ...
“Who’s going to pay $19k for a plane flight?! You’re half-way to the price of a decent new car, if new cars were actually available to buy.”
it’s what the left has always dreamed of!
only our lords and masters can afford to travel ... peasants are now confined to attending the fields ...
The weather here was very windy and rainy last w/e.
The Airlines were short on crews - we were flying to a conference and some of my co-workers were stranded at Midway because their flight was waiting on a crew.
The Vax mandate has really taken a lot of Pilots out of the system.
Not to worry, agore and the HomoGreen EnviroNazis use taxpayer dollars to buy theirs.
Indeed
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