Stocks of major airlines were inItially down sharply on Thursday, but later staged a rebound.
This year was sizing up to be a very good one for domestic and international travel, as some forecasters said passengers were going to keep stepping out to see the world after the pandemic halted so many trips in 2020.
On Thursday, U.S. crude settled at $92.81 a barrel after touching the $100 mark earlier in the day. Airlines hedge fuel prices, committing to buying a certain amount of fuel in the future at a predetermined price. So any immediate rise in oil prices won’t be passed onto passengers right away. Jet fuel is derived from crude oil and fuel is an airline’s second largest operating expense behind labor, explained professor Bijan Vasigh, an economist at Embry-Riddle Aeronautical University who teaches and writes on the aviation industry’s finances.
Ukraine on Thursday closed off its airspace for civilian flights while Russia closed some portions of its airspace, according to Reuters. The same trends can be seen now: 1.75 million travelers passed through Transportation Security Administration checkpoints on Wednesday. That’s more than double the amount from the same time last year, but under the 2 million mark from the same point in 2020, just before COVID-19 was officially declared a global pandemic.
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