Jet fuel costs driving airfares up

DALLAS -- Southwest Airlines Co. says it's raising ticket prices to offset jet fuel costs. And several other big airlines are following Southwest's lead.

Monday, Southwest raised fares by $4 to $10 per round trip, depending on the distance. It's Southwest's third increase this year, and a spokesman said it's all due to higher fuel costs.

According to government figures, spot prices for jet fuel are up 12 percent so far in 2012 but just 4 percent from a year ago.

Southwest said this month that because it will pay more than it expected for fuel, it won't earn a profit for the first three months of the year. The airline also said it had a slowdown in passengers booking flights in late February -- a trend not reported by other airlines.

Southwest chief executive Gary Kelly said last week that if fuel prices continue to rise, Southwest could be forced to reduce flights.