Airlines: will the third time be the charm?
For the third time this year, airlines are attempting to raise fares and are blaming higher fuel prices.
The increase of $4 to $10 per round trip was initiated by Southwest and was quickly followed by American, Delta, United and others.
Two previous fare hike attempts this year — one initiated by Delta on Jan. 17 and another by United on Feb. 15 — were rescinded after other airlines refused to match the increases.
"Fuel prices are a significant hurdle for the airline industry," said Whitney Eichinger, a spokeswoman for Southwest.’¨
The price of jet fuel has jumped 7% this year, according to government figures. A gallon of jet fuel sold last week for about $3.26, up from about $3.04 at the beginning of the year. In 2011, the nation’s airlines paid nearly 30% more in fuel costs compared with the previous year.’¨
If past history is any indication, the fare hike may be withdrawn. That has a long-established precedent.
Last year, there were 22 fare hikes and 13 were rescinded, according to the LA Times.
Rick Seaney, founder of FareCompare, believes there are more fare hikes to come. "I expect airlines to ramp up hikes as we hit the busy summer season, especially if oil prices remain high," he said.
By David Wilkening
David
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