CLEVELAND — The cost to fly around the holidays has reached a 10-year high, up 30% for Thanksgiving and 23% for Christmas from last year, according to travel planning website Hopper.
News 5 spoke with Michael Goldberg, a professor in Case Western Reserve University's (CWRU) Department of Design and Innovation at the Weatherhead School of Management, to figure out why.
Professor Goldberg pointed toward rising jet fuel costs due to the war in Iran along with other economic factors like the recent closure of budget airlines, such as Spirit.
Costs for jet fuel have soared, and consumers are paying the price.
According to the Argus US Jet Fuel Index, jet fuel is currently $206 a barrel. Historically, jet fuel prices have averaged between $50 and $115 per barrel. This time last year, jet fuel was $88 a barrel.
"Airlines know that consumers that want to be with loved ones for Thanksgiving or Christmas [have] less flexibility in their plans. They're not really, from what we're seeing, you know, heavily discounting certain holiday fares because they're better off just sticking with high prices and the fact that travelers are likely to just pay them because they want to be with loved ones for the holidays," Professor Goldberg said.
Watch related coverage: When is the best time to get tickets for holiday flights?
Even if the war were to stop today, Professor Goldberg says we likely wouldn't see a reduction in prices for a while. It takes time for pricing relief to catch up, especially if something else were to happen in the markets.
How are we supposed to get home?
Venica Hearst Evans, owner of Ventures Away Travel, said travelers might have to get creative.
"Don't wait and expect a better deal to come along. Set alerts on things like Google Flights. Be flexible on your travel days and times, and bundle that airfare with hotel and car rental to save. We're told don't just shop for the cheapest ticket. Factor in total costs, including bags and seats," Evans said.
She also recommends checking credit card rewards and airline alerts for possible savings.
The bottom line: book as soon as you find a price you can afford.
