HONOLULU (KHON2) — With gas prices on the rise nationwide due to the Russia-Ukraine war will flights drastically increase as well?
According to Scott Keyes the owner of Scott’s Cheap Flights the answer is currently no, however they could soon because most airlines purchase fuel weeks or months in advance.
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According to him, if the current price spike is a blip, and comes back down, then it won’t have a major impact.
However, if the price of oil spikes and stays high for months some portion of that could be passed on to travelers in the form of higher ticket prices.
They predict long-haul flights will be difficult to find cheap, like heading to Australia or New Zealand amid $120/barrel oil.
But on the other hand, long-haul flights to Europe will be less impacted. In their findings airlines have expanded capacity between the US and Europe during the summer months. Another reason could be competition between different airlines.
For the next couple of months flights from HNL to Paris, France comes in under $1,000 which is considered on the lower end.
It was also noted that airlines make most of their revenue on sources other than economy tickets. For example, expensive business and first-class seats, selling frequent flyer miles and credit cards, corporate contracts, cargo, ancillary fees, and more.
Their findings also showed business travel is still lagging which is something to take note of because according to them business travelers and leisure travelers behave very differently.
For instance, they report business travelers usually don’t care what the price of a flight is, because it’s their company paying. On the other end leisure travelers, care a lot what the price is, because it comes out of their bank account.
When booking your next destination there are some things to consider pending the uncertainty of flights raising their prices.
If you can, they suggest purchasing your flights sooner than later due to the chance of airlines bumping up the price. They also recommend to not wait and see if you can get a cheaper flight closer your expected departure date.
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For more information or to read their full report head to Scott’s Cheap Flights’ website.