U.S. Carriers Seek Hearings on Fuel Prices

Top executives at carriers including American Airlines and United Airlines called on Congress to hold hearings on “soaring” fuel prices and said the government should consider releasing oil from the Strategic Petroleum Reserve to boost supply.

Airlines estimate that they’ll pay $6 billion more than last year for fuel at today’s prices, even though the cost of production hasn’t changed “measurably,” they said in a letter.

The price of jet fuel, which typically makes up 10% to 15% of a carrier’s costs, has risen 45% in the last year.