U.S. airlines’ monthly fuel spending surges 84% in May

U.S. airlines burned through $6.66 billion on jet fuel in May, marking the second consecutive month fuel costs topped $6 billion, the Bureau of Transportation Statistics reported on July 7. The May bill was 84% higher than a year earlier, driven almost entirely by a surge in jet fuel prices rather than increased consumption. U.S. carriers burned 1.627 billion gallons in May, down 0.6% from May 2025, while the average price paid hit $4.09 per gallon—85% higher than the $2.21 per gallon paid in May 2025 and only a hair below April’s $4.11. Airlines worldwide have responded by hiking fares and fees and cutting flight schedules as fuel remains one of the industry’s largest operating expenses. The spike in energy costs traces back to disruptions in the Strait of Hormuz after the Middle East conflict flared earlier this year. Jet fuel prices have eased from spring peaks following an interim U.S.-Iran ceasefire, but the truce remains fragile: three tankers were struck by projectiles in the Strait of Hormuz on July 7, and the U.S. revoked a license allowing Iranian oil sales under the agreement. Delta Air Lines is set to report second-quarter earnings on July 10, with executives expected to discuss how recent fuel-price declines could reshape airline finances. On July 7, the Argus U.S. Jet Fuel Index showed the average price across major hubs—Chicago, Houston, Los Angeles and New York—at $2.88 per gallon, the first time it fell under $3 since early March.