Jet Fuel Crisis: Holiday Travelers Beware

0:00On April 23rd, holiday travelers get ready for a rough summer in the skies. EU energy officials are warning about a serious jet fuel crisis that's going to jack up ticket prices big time. Blame it on the ongoing blockage in the strait of Hormuz from the Iran conflict, which is choking off supplies and doubling fuel costs in spots. Earlier this week, EU Energy Commissioner Dan Jorgensen straight up told folks to brace for cancellations or sky high fares as airline scramble. The International Energy Agency says actual shortages could hit by June if things don't ease up, turning this price crunch into a full supply. Nightmare. Airlines are already hitting back hard. United is talking up to a 20% hike on tickets. Air France, KLM adding 50 euros per long haul round trip and carriers like Delta on southwest boosting baggage fees. Cancelations are rolling in too, with Lufthansa, KLM and SAS slashing hundreds of flights across Europe.

1:01Meanwhile, almost all the world's top 20 airlines have cut May schedules by a few percentage points from North America to Asia. They're scrambling for extra jet fuel from the US and Nigeria, but peak summer demand jumping 40% could make it worse. Heads like Ryanair's boss see risks of even bigger disruptions by May and June. Even if the strait reopens tomorrow, these fuel prices won't drop quick, and holidays might still give messy. Officials are even floating ideas like cutting air travel or sticking to local getaways to dodge the chaos. Stay sharp out there and book smart if you can.