Airlines are flapping around like ducks in a tornado, trying to figure out how to fill seats as passenger demand continues to plunge. Fare sales are busting out all over.
Just one cheery note for the industry. Fuel prices continue to drop. This just in from the Bureau of transportation Statistics showing the latest figures on average fuel prices per gallon on domestic scheduled flights:
January 2009 -- $1.75
December 2008 -- $2.04
January 2008 -- $2.61
Other interesting numbers: Despite the price drop, fuel consumption in January was 901.9 million gallons, compared with 1.1 billion gallons in January 2008. I'm not aware of any great fuel-burn efficiencies to account for that. It strictly reflects the fall-off in flying.
By the way, in July 2008, the peak, fuel prices were $3.82 a gallon.
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1 comment:
So much for those silly supply and demand curves economists are always drawing.
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