If you’ve been to the gas pump lately, no doubt you’ve noticed a rise in prices. Now airfares are also set to go up, up and away. The main reason is that the price of jet fuel has doubled over the last year and risen 12% over the last quarter, according to airline industry estimates.
Fliers are certainly going to feel it in their wallets, although when it’ll really start to be noticeable is still up in the air. Nevertheless, it’s a pretty sure bet that fares across the board are going to creep up as we get further into the year.
“Consumers will pay more to travel because of higher fuel costs,” Henry Harteveldt, founder of Atmosphere Research Group, tells CNNMoney. “I think it will affect summer travel for people who have not already booked their flights.”
Major airlines like Delta, American and United have all signaled that rising fares are in the foreseeable future, with many company execs using oil prices as justification.
“Ultimately we have to be a business that gets paid for the cost of our product,” Paul Jacobson, Delta’s chief financial officer, told investors, according to the Wall Street Journal. “As you get through that lag period, and as we make the adjustments that we need to, we feel confident that we’ll be able to recapture this.”
If you haven’t purchased airline tickets yet for your summer and fall travel, here are some money-saving tips that are sure to come in handy:
How to save money on airfare
Compare prices online: To find the cheapest flights, go to Matrix.itasoftware.com, which is the technology that also powers Google Flights and other airfare sites. For great comparison shopping, check out Kayak Explore.
Use Clark’s secret: Money expert Clark Howard says his #1 strategy for booking cheap air travel is letting the sale determine the destination. It works. He’s been to six of the world’s seven continents!
Buy your ticket on a Sunday: Back in the day, it was said that Tuesday was the day to buy airline tickets for the cheap, but that’s not the case anymore.
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