Earnings season to reveal how lower fuel prices could reshape airline finances.
US airlines spent $6.66 billion on jet fuel in May, marking the second consecutive month that their monthly fuel bill exceeded $6 billion, according to US government data released on Tuesday.
The May fuel bill was 84% higher than a year earlier. Airlines spent $6.47 billion on jet fuel in April, data from the Bureau of Transportation Statistics showed.
The sharp year-on-year increase in fuel spending was driven primarily by higher jet fuel prices rather than a significant rise in consumption.
US airlines used 1.627 billion gallons of jet fuel in May, down 0.6% from the same month in 2025. Fuel consumption in April was also slightly lower than a year earlier, indicating that higher prices, rather than increased usage, accounted for the rise in spending.
The average price paid by US airlines for jet fuel in May was $4.09 per gallon, slightly lower than $4.11 in April but 85% higher than the $2.21 per gallon recorded in May 2025, according to the Bureau of Transportation Statistics.
Airlines around the world have responded to higher fuel costs by increasing fares and ancillary fees while trimming flight schedules. Fuel remains one of the industry’s largest operating expenses, making carriers particularly sensitive to fluctuations in energy prices.
The latest figures underscore the impact of the surge in fuel costs following the outbreak of conflict in the Middle East earlier this year, which disrupted shipping through the Strait of Hormuz, a vital route for global crude oil and fuel supplies.
Fuel prices have retreated from their spring peaks after the US and Iran reached an interim ceasefire agreement, offering airlines some relief after a costly few months. However, the truce remains fragile.
Fresh concerns emerged on Tuesday after the British military reported that three tankers were struck by projectiles in the Strait of Hormuz. The US also revoked a licence that had allowed Iranian oil sales under the ceasefire arrangement, raising fears of renewed supply disruptions.
Delta Air Lines is scheduled to report its second-quarter results on Friday, marking the start of the US airline earnings season. Investors will be watching closely for management’s outlook on how lower fuel prices could influence the industry’s financial performance in the coming months.
According to the Argus US Jet Fuel Index, the average price of jet fuel across the major airline hubs of Chicago, Houston, Los Angeles and New York stood at $2.88 per gallon on Tuesday.
Jet fuel prices dropped below $3 a gallon on June 15 for the first time since early March and have remained under that level, offering airlines a potential boost to margins after months of elevated fuel costs.
