Air Canada will suspend flights to JFK for nearly 5 months as jet fuel costs soar
Air Canada will suspend service to New York’s JFK International Airport over the summer as the war in Iran drives jet fuel shortages and soaring prices. The airline said Friday that flights from Toronto and Montreal to JFK will stop June 1 and resume Oct. 25, while service to LaGuardia and Newark will continue. It will contact affected customers with alternate travel options.
A spokesman said jet fuel prices have doubled since the conflict began, making some lower-profit routes uneconomic and prompting schedule adjustments. The average price of jet fuel reached $4.32 a gallon Thursday, up from $2.50 before the war, according to Argus Media. Oil prices fell more than 10% Friday after Iran said the Strait of Hormuz had reopened to commercial tankers.
Fuel and labor are typically airlines’ largest annual costs. Delta Air Lines said higher fuel would add $2 billion to its second-quarter expenses. Airlines including JetBlue and United Airlines are raising bag fees to offset rising fuel costs, while others cut service.
In an Associated Press interview Thursday, International Energy Agency Director Fatih Birol said Europe has about six weeks of jet fuel supplies left and warned the global economy faces its largest energy crisis.
