Summer travel is getting more expensive, whether travelers are heading to the airport or filling up the car.
A surge in fuel costs is pushing up airfare and gas prices at the same time, squeezing households just as peak vacation season begins.
Citing data from the Airlines Reporting Corporation, CNBC reported that the average domestic round-trip ticket cost $623 in April, a nearly four-year high. Airlines are raising fares as jet fuel, their second-biggest expense after labor, has jumped sharply this year.
CNBC reported that jet fuel costs roughly doubled in under three months after the United States and Israel struck Iran, widening the conflict and disrupting a major shipping passage. At the same time, gasoline prices have climbed above $4 a gallon, and AAA has warned they could move closer to $5 this summer.
Flying costs more, and road trips are no bargain either. CNBC cited GasBuddy's forecast that average U.S. pump prices may hit $4.48 on Memorial Day, up from $3.14 a year ago, and could climb to about $4.80 by Labor Day if the Strait of Hormuz remains closed for much of the summer.
Even with higher prices, demand is holding up. The Transportation Security Administration expects to screen 18.3 million people over the Memorial Day travel stretch, only slightly below last year's comparable period.
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For families already dealing with higher grocery and household costs, travel is becoming another major strain on the budget. Airlines are also trimming schedules, which means fewer seats are available.
That dynamic could be especially noticeable after the collapse of Spirit Airlines, which had long been one of the country's most recognizable low-fare carriers. Its shutdown removes a major source of cheap tickets at a time when fuel costs are rising, and airlines are pruning less-profitable routes.
Travel demand remains resilient. CNBC reported that UBS said March leisure travel intentions were down slightly from a year before but still hovered near the top of the range seen over the last nine years.
"We believe the year-over-year moderation in travel intentions this year was likely due to higher jet fuel and other geopolitical concerns," UBS analyst Atul Maheswari wrote.
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Flexible travelers still have a few ways to cut costs. As CNBC reported, tools like Google Flights' Explorer can be used to compare destinations by month and trip duration, making cheaper options easier to find.
Flying on Tuesdays or Wednesdays can also lower costs, since CNBC noted that those days often have lower fares and less airport traffic.
Using airline miles or credit card points instead of saving them indefinitely may also make more sense. Rewards can lose value over time, and higher cash fares can make redemptions more worthwhile.
Bundling errands, comparing gas prices before departure, and considering closer-to-home trips could help limit the impact of another summer of volatile gas prices.
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