Jet fuel price surge is clouding US airlines’ recovery plans

Jet fuel prices are surging above pre-pandemic levels, an ominous headwind for airlines plotting a recovery from more than a year of losses. Despite lackluster demand, the cost of jet fuel has climbed about 70% so far this year alongside rising crude oil prices. United Tuesday forecast an average price of $2.39 a gallon in Q4, up from $2.14 in the most recent quarter. The airline paid $2.02 per gallon in Q3 2019. The carrier’s CEO, Scott Kirby, expressed confidence that his company will be able to keep costs in check as it looks to rebound. But United didn’t provide earnings guidance for the current quarter or full year. Rival Delta last week warned that rising fuel costs threaten its Q4 earnings. The Atlanta-based carrier is forecasting a price of $2.25 to $2.40 a gallon for Q4, compared with $1.94 in Q3 2019. <br/>