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Continental Airlines
said it is seeking to offset dramatically higher fuel expenses with a fare increase of $10 each way, effective today. The increase
applies to all published U.S. domestic and international fares.
Continental has annual jet fuel expenses exceeding $1 billion and this cost
has been rapidly rising as a result of higher crude oil prices, which today
exceed $36 per barrel - the highest since October 6, 2000.
"Although the airline industry is suffering from overcapacity and weak
demand, this fare increase is necessary to get Continental back on the path to
financial recovery," a spokesperson said. "Even with this increase, air fares
today are a bargain by any measure." |
