Jet fuel tends to be an airline's biggest expense. An analysis by the International Air Transport Association showed that, for the week ending March 27, the weekly average price of jet fuel has skyrocketed 116.8 per cent compared to the previous year's average.
"If these other guys make the same mistakes they made six years ago, and if the forecast about $175 per barrel is right, you'll see airlines not survive," said United CEO Scott Kirby, highlighting the dire implications of rising oil prices on the aviation sector.