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As Oil Prices Surge, So Do Airfares
Date[2011-1-24 12:46:57]

As the price of oil has surged because of the unrest in the Middle East, so have airline fares.

Airlines around the world are quickly boosting their fares to keep pace with higher jet fuel costs, which account for 30 percent of the carriers' operation expenses. The price of oil has risen sharply as the turmoil in oil-producing states like Libya has traders worried that the world's daily flow of oil will be diminished.

Some U.S. air carriers have already raised fares six times this year, topping the four price hikes for all of last year. Now, U.S. business travelers are paying about $100 more per round trip than a year ago, while fares for leisure travelers are up by $40 to $60. U.S. airlines have also boosted fuel surcharges on overseas flights to Paris, Frankfurt and other European destinations from $360 to $400.

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