Gas prices up, airline stocks down
The Iranian nuclear crisis is beginning to have an impact on the travel industry as stock for United Continental Holdings Inc. and US Airways Group Inc. begins go drop. It dragged an industry index to the biggest drop in more than four months as jet-fuel prices rose.
Jet fuel for immediate delivery in New York Harbor rose 1.4 percent to $3.29 a gallon, the highest since may of last year.
The Bloomberg US Airlines Index plunged 6.4 percent, the most since Oct. 3. All 11 passenger carriers in the Bloomberg index declined yesterday.
United, the world’s biggest airline, fell more than 9% to $21.24 at the close in New York, while Tempe, Arizona-based US Airways slid 11% to $7.89 yesterday.
Jet fuel is approaching last year’s high of $3.42 a gallon, the most since 2008, reported Bloomberg. Fuel accounted for 36% of Chicago-based United’s operating expenses last year, and 27% of those costs at US Airways, according to data compiled by Bloomberg.
By David Wilkening
David
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