Chevron CEO Warns of Soaring Travel Costs

0:00Chevron CEO is sounding the alarm on travel costs spiking soon, thanks to the ongoing tensions with Iran over the straight of Hormuz pushing fuel. Price is sky high. He predicts fewer flights and higher fares hitting passengers hard in the weeks ahead, as jet fuel shortages bite into airline operations worldwide. Earlier this week, the exec pointed out jet fuel is tightening fast in Europe and Asia, forcing carriers to tweak schedules and pass costs straight to. Tickets comes right after the war kicked off on February 28th, layering on top of supply issues that were already brewing. Airlines have jumped quick, hiking back fees and slashing routes to cope, while US based ones hold a slight edge since they produce their own jet. Fuel Travelers might notice fuller planes and slimmer options as operators optimize to survive the squeeze. Fresh numbers show North American jet fuel prices up over 80% from last year per the International Air Transport Association. Nationwide, regular gas sits at $4.03 a gallon, nearly a buck higher than 12 months back,

1:04with diesel even steeper at $5.47. As this fuel crunch ripples out, keep an eye on your next booking, could be pricier and pickier than planned. That's the story for today. California News Today, Driven by AI, I'm Corey with the story.