U.S. airlines spent $6.47 billion on jet fuel in April, a 78% jump from a year earlier even as consumption slipped 2.6%. The average price reached $4.11 a gallon, up from $2.31 in April 2025, leaving operators with a cost spike that outpaced traffic growth.
Fuel is now moving faster than capacity discipline can absorb. With the summer peak ahead, carriers face tighter margins, more fare pressure, and less room to offset volatility through network or fleet tweaks.