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Fortune
U.S. airlines endured one of the most difficult times in their history during the pandemic as air travel was brought to a near standstill, pilots and workers were in short supply, and stock prices cratered.
Now they’re staring down yet another crisis as jet fuel prices soar following Russia’s invasion of Ukraine.
For consumers, the increasing cost of fuel will mean higher travel expenses, as airlines pass on rising costs. Airfares are expected to rise 7% each month until June, according to estimates from the price-booking mobile app Hopper.
“I think it’s going to be very difficult for most airlines for the next 12 months,” Ryanair CEO Michael O’Leary told the Financial Times. “We have dealt with the pestilence, only to be visited with a war.”