Rising oil prices could hike summer flight costs from about $400 last year to $500 to $600, adding pressure on family travel budgets.
Families in New Mexico are already facing higher travel costs as summer break gets closer and oil prices makes it even harder to afford.
According to Reilly White, a finance professor at the University of New Mexico, jet fuel makes up about 25 to 35 percent of the cost of flying a plane.
White said when oil prices rise globally, airlines would often pass those cost to travelers through higher ticket prices or extra fees.
“Right now, a lot of airlines have already priced in some of these changes that they’re expecting in fuel prices,” White said.
“And so we’re seeing that. Those trips that might cost $400 last year might be more like $550 or $600 this summer.” he added.
White also emphasized that oil prices can rise quickly but takes time to fall.
Daniel Armbruster, spokesperson for AAA New Mexico said families can still find ways to save if they stay flexible and plan early.
“But as we go into the summer, it’s going to be really important that if you do have a bucket list trip coming up, you plan ahead as early as possible, especially if you don’t have a lot of room for change or you need a certain flight to get everyone on your family on board, that type of situation,” he said.
White said New Mexico is one of the top oil-producing states in the country, but oilk still trades on the global market, which means international conflicts and market shifts can still affect families planning summer trips.