U.S. airlines spent $6.66 billion on jet fuel in May 2026, marking the second straight month fuel spending topped $6 billion, according to government data cited by The Associated Press. That May total was 84% higher than a year earlier, even though carriers burned slightly less fuel than they did in May 2025.
Why prices rose and why they’ve started to ease
The data highlights a key point for travellers and investors heading into peak summer flying: fuel costs can surge even when airline capacity is relatively flat. In May, U.S. carriers used 1.627 billion gallons, down 0.6% year over year, while the average price paid was $4.09 per gallon, only slightly below April’s $4.11 but well above the $2.21 average in May 2025.
AP tied the spring spike to the conflict in the Middle East and its knock-on effects on energy markets, including the risk of disruption around the Strait of Hormuz, a key chokepoint for global crude and refined fuel supplies.
Fuel prices have since retreated from their spring highs after the U.S. and Iran reached an interim ceasefire agreement, AP reported, though it described the truce as fragile. The same report noted fresh security concerns in the region: three tankers were struck by projectiles Tuesday in the Strait of Hormuz, and the U.S. revoked a licence that had allowed Iranian oil sales under the agreement, according to the British military and U.S. actions cited by AP.
What to watch next: earnings calls and the sub-$3 jet fuel print
AP pointed to airline earnings season as the next major checkpoint, noting Delta Air Lines was set to report second-quarter results Friday and that executives are expected to discuss what softer fuel prices could mean for profits.
For a near-real-time read on where fuel is headed, the report also cited the Argus U.S. Jet Fuel Index, which showed jet fuel averaging $2.88 per gallon Tuesday across major airline hubs (Chicago, Houston, Los Angeles and New York). AP said the index fell below $3 per gallon on June 15 for the first time since early March and has stayed below since.
What do you think of the U.S. jet fuel price, and do you see it reducing anytime soon?
