Oil prices have slid back since reaching a peak of $145 a barrel in July, resulting in jet-A prices finally falling by a significant amount. Although they remain sharply higher compared to this time last year, retail jet-A prices at U.S. FBOs have dropped in many cases below $6 per gallon. And while some FBOs at major U.S.
Chronology of world oil market events
Energy companies’ experience of the early-1990s Gulf War suggests that any sudden increase in oil prices owing to a new Iraq conflict might be brief, since the market has become much more responsive to demand. However, current oil supplies are plentiful, according to a petroleum industry senior executive.
Skyrocketing jet fuel prices did almost nothing to slow down high-flying business jet travelers, who collectively took to the skies in record numbers this year, according to industry statistics. Now that crude oil prices are falling, analysts predict economic growth will further boost the use of business jets by corporations and the well-to-do.