If you haven’t booked your holiday flights yet, you may want to brace your wallet: Airlines are cutting options and potentially raising fares as oil prices reach new highs.
After surging in the spring following the start of the war in Iran, oil prices surged yet again this summer and surpassed $100 a barrel this month; jet fuel is $4.53 a gallon as of Thursday. Data from the Bureau of Labor Statistics’ latest consumer price index show airfares rose more than 23% year-over-year in August.
Speaking at Morgan Stanley’s Laguna Conference on Wednesday, major airline executives said they are cutting flights planned this holiday season and are likely…
