Jet fuel costs drop in Feburary |
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Fri, 20 Apr 2007 23:07
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WASHINGTON (AP) - The average cost of jet fuel for U.S. air carriers dropped to $1.77 per gallon in February, down 7 cents from both January's levels and the same month last year, according to government statistics released Friday.According to data from the Transportation Department's Bureau of Transportation Statistics, jet fuel costs have soared this decade, from 81 cents per gallon in 2000 to a peak annual average of $1.96 a gallon last year.The Air Transport Association, the trade group representing airlines such as American Airlines, Southwest Airlines and United Airlines, says jet fuel has risen from representing 10 percent to 15 percent of expenses, to accounting for up to 30 percent of expenses, overtaking labor as the top cost for many carriers.Shares of AMR Corp., parent of American Airlines, fell $1.06 to close at $29 in Friday's trading on the New York Stock Exchange, where shares of Southwest Airlines Co. dipped 40 cents to close at $14.97. Shares of United parent UAL Corp. dropped $1.93 to $40.85.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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