Treasury Secretary Scott Bessent joins ‘Fox & Friends’ to discuss the gradual reopening of the Strait of Hormuz and unveils a new anti-fraud program to expose scams in healthcare and other sectors.
JetBlue will increase baggage fees by $4 to $9 for economy passengers, citing rising jet fuel prices due to global oil supply shortages amid the Iran war.
“While we recognize that rate increases are never ideal, we are carefully considering ensuring these changes are only implemented when necessary,” the statement continued.
For domestic, Caribbean and Latin American flights, the first checked bag now costs $39 during off-peak travel, up from $35, and $49 during peak travel, up from $40. Travelers who pay less than 24 hours before departure will still face an additional $10 surcharge.
JetBlue has increased its checked bag fee to $9 for economy bookings due to the temporary increase in global fuel prices due to shortages caused by the closure of the Strait of Hormuz. (Ryan Collerd/Bloomberg via Getty Images/Getty Images)
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Passengers with eligible JetBlue co-branded credit cards or elite frequent flyer status remain exempt from baggage fees.
When an airline raises fares, competitors often follow suit, but there has been no indication yet from American Airlines, United Airlines, Delta Air Lines, Southwest Airlines or Frontier Airlines.
Southwest has “no immediate plans to increase fees due to macroeconomic factors,” a spokesperson said told the New York Post.
Historically, other airlines have tended to respond to rising baggage fee prices when one airline takes action. (Kevin Carter/Getty/Getty Images)
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The move reflects broader pressure on airlines as fuel prices rise globally following the US and Israeli attacks on Iran that began on February 28. Jet fuel in major U.S. markets averaged $4.62 a gallon Tuesday morning, up more than 83% from the day before the war began, according to Argus data published by airlines for America.
“The reality is that jet fuel prices have more than doubled in the last three weeks,” United CEO Scott Kirby wrote in a memo to employees earlier in March. “If prices were to remain at these levels, it would mean an additional $11 billion in annual costs for jet fuel alone. In perspective, in United’s best year ever, we earned less than $5 billion. That may sound scary, but the first good news is that demand, at least for now, remains the strongest we’ve ever seen. The 10 biggest sales weeks in our history have been the past 10 weeks.”
Treasury Secretary Scott Bessent joins ‘Mornings with Maria’ to discuss the Iran war, rising oil prices, market volatility, Fed uncertainty, Powell’s future and the U.S. strategy to stabilize the global economy.
TRUMP SEEKS WAR CROWDS FROM OTHER COUNTRIES TO HELP STRAIT OF HORMUZ
However, Kirby added that “it could be a challenge to continue to absorb much of the higher fuel price if oil stays higher for longer.”
President Donald Trumpwith his business eye on wartime affordability, took to Truth Social on Tuesday morning and urged oil-needy countries worldwide to address their supply shortages.
“To all those countries that can’t get jet fuel because of the Strait of Hormuz, like Britain, which refused to get involved in the beheading of Iran, I have a suggestion for you: Number 1, buy in the US, we have plenty, and Number 2, gather some delayed courage, go to the Strait and just TAKE IT,” Trump wrote on Truth Social. “You’re going to have to learn how to fight for yourself. The US won’t be there to help you anymore, just like you weren’t there for us anymore. Iran has basically been decimated. The hard part is done. Go get your own oil!”
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It is linked to Iranian retaliation against the choking of the Strait of Hormuz, where the forced closure is sending global oil prices soaring in anticipation of supply shortages.
Supplying more oil from Iran to the world will ultimately lower prices in America, Bessent said. He noted that the U.S. is not dependent on Middle Eastern oil, but the choking of the Strait of Hormuz has spooked crude futures markets.
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Bessent said the US has avoided attacking Iran’s energy infrastructure even as military operations escalate, arguing the aim is to maintain supply while maintaining pressure on Tehran.
“We have a lot of levers,” Bessent said. “We have a lot more we can do.”
