Airlines Slammed By Soaring Jet Fuel Prices

Jet fuel prices hit a 13-month high last week as oil prices rose, making airlines’ already difficult life even more difficult. Despite still depressed demand for air transport, jet fuel follows the price curve of crude oil as costlier oil for refining results in costlier end products, including jet fuel. Last week was a special case, however. The Arctic cold wave that bore down on parts of the U.S. unused to such low temperatures caused massive disruption in oil production and refining due to wellhead freezing and power outages that affected…