Jet fuel prices, and fares, take off

Citing rising fuel prices, most major U.S. airlines hiked many domestic round-trip fares another $10 last week. The move marks the sixth time this year that airlines have raised prices.

Jet fuel prices have risen more than 50 percent in the past year to more than $3 a gallon. After Delta, American and Southwest airlines raised rates, low-cost carriers JetBlue, AirTrain and Virgin America followed suit, virtually assuring the increase will become permanent. There were only four broad price increases in all of 2010, and two of those occurred in December. The flurry of fare hikes so far this year mirrors the rapid rise in fares and fuel surcharges in early 2008, when oil prices were heading toward record levels. -- AP