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.
Noooo...Solar planes!!!
How idiotic can the writer be? The "best and easiest cure for soaring jet fuel prices" is to get Biden and Co. out of the White House.
"Demand destruction" is absolute lunacy. If we all stay at home, don't heat our houses, don't cook our food, permanently park our cars then we will have destroyed demand. But to what end? A life of misery?
Instead, why don't we get rid of Democrats, get rid of regulations, repeal everything Brandon has done, invest in fossil fuels, and get the production engine roaring again?
Don’t most airlines prebuy their inventory?
Damn. And just when the Jets thought they could afford a quality wide receiver...
“Cut off fuel to Occupied Blue States?”
I remember a great phrase from back in the dark days of Carter (only to be outdone by Slow Joe & the Ho today): “Let the b*stards freeze to death in the dark. (Add: with only their windmills and solar panels to help them.)
Any idea what the "technical issues" are?
Code word for fuel shortage.
“Any idea what the “technical issues” are?”
Good question. Some think it is vax mandates. I am thinking hackers disrupting airline or ATC systems. But I suppose it would be hard to keep that quiet for very long.
Putin’s brutal little war was a master stroke on his part. Energy is his trump card.
I was flying Frankfurt to Orlando, last Wednesday on a 747 on Lufthansa.
The flight was supposed to leave at 1:55.
10-15 minutes they said.
Catering delay, Food was late, staff was short. etc.
Finally got boarded about 4pm. They boarded the upper deck, business class, where my seat was located at the very end(last to get catered, I guess). Stood out there at the gate for about 30 minutes with everyone else on the plane. I’m not seeing any catering trucks.
Right before we get on, I see the fuel truck pull up and next thing we know, we’re getting on.
I’m not saying it’s aliens, but it’s aliens. It could be that the APU sucked down too much fuel running for 3+ hours and they topped off.
Gee maybe pipelines and oil production are not so bad after all? Oh, what is the caring capacity and range of an electric passenger airliner?
Biden has got to go!
btt
is somebody here (this story) asking for sympathy?
Yeah that’s the ticket top speed 40MPH but it’s for mother earth huh.
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