As expected, the United States moved forward in its effort to quash Iran’s ability to sell oil. As part of the plan, nations that use Iranian oil could face sanctions if they import oil from Iran, reports CNBC.com.
According to reporting by CNBC.com, Iran has been exporting about one million barrels a day, equaling about 1% of world consumption
As these restrictions appear to move forward, the price of jet fuel appears to be on the decline.
According to S&P Global Platts, the price of jet fuel is down by 5.2% compared to the same time last year (April 26) around the globe. In the United States, prices are down by 3.5%
Yet data shows, jet fuel has consistently been pricing slightly above Brent Crude during that same one year period.
As oil seems some stability, discount carrier Spirit Airlines is announcing expansion plans.
According to the carrier, it debuted service today from Raleigh-Durham to Baltimore, Detroit , Fort Lauderdale , New Orleans, Chicago and Orlando. In addition, is adding Charlotte to its route map on June 20.
In addition, Spirit is expanding on the west coast with new service to Burbank and Sacramento.