The War Increased Fuel Expenditures of US Airlines by... 83.9%
It Is Worth Noting That Fuel Expenditures in the Same Month Last Year Had Amounted to 3.62 Billion Dollars.
Fuel expenditures of US airlines amounted to 6.7 billion dollars in May, due to the war in the Middle East and the blockade of the Strait of Hormuz.
Thus, the total fuel expenditures of US airlines increased by 83.9% year-on-year in May, according to official data published on Tuesday (7/7) by the Bureau of Transportation Statistics of the US Department of Transportation.
It is worth noting that fuel expenditures in the same month last year had amounted to 3.62 billion dollars. These same expenditures also showed a 3% increase from 6.47 billion dollars in April.
According to the US Energy Information Administration, gasoline and jet fuel prices rose rapidly following disruptions to exports of crude oil and other petroleum products in the Middle East. Higher crude oil prices feed into refined products, because crude oil is typically the largest input cost for the production of petroleum products.
