After airlines announced a strong showing in 2015, travelers began to hope for cheaper airfares. Aside from a few limited-time promotions, the kind of rock-bottom fares that were wishing for never materialized.
But that doesn"™t mean that flying hasn"™t gotten cheaper. In fact, flights are cheaper than they have been since 2010, according to the U.S. Department of Transportation. The DOT"™s Bureau of Transportation Statistics reported that average round trip domestic fares were $372 during the third quarter of 2015. That was down 6.2 percent compared to 2014.
Yes, fares are getting (a little) cheaper
So, yes, flights are getting cheaper, but so is jet fuel. The DOT has also reported that year-on-year fuel costs were down by as much as 37 percent. This means that airlines are passing some of their fuel savings on to passengers, but only a portion of it.
Airfares are headed in the right direction (as far as consumers are concerned), but the significant drop that many travelers are hoping for probably won"™t occur. Though oil prices are low and profits are high, other key figures have some in the industry concerned…
