Ryanair CEO Warns Airfares Could Rise If Oil Prices Stay Elevated

According to CNBC, Ryanair Holdings CEO Michael O'Leary said airfare prices could rise significantly if oil prices remain high into next year, as higher jet fuel costs continue to pressure the airline industry. He said pricing is expected to be very modestly lower in the second quarter from July to September, but the December and March quarters are still uncertain. O'Leary added that if oil prices stay elevated, there could be a significant uplift in airfares, which the airline would hope to avoid. Oil prices moved higher Thursday, with Brent crude above $100 a barrel and U.S. West Texas Intermediate crude futures up 1.4% to $97.4 per barrel.