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Chevron CEO Mike Wirth says the standoff with Iran over the Strait of Hormuz continues to rattle global markets and drive up the price of fuel.
Chevron CEO Mike Wirth predicts airline fares may rise and flights may decrease imminently.
KEY POINTS
- Jet fuel shortages already existed before the Iran conflict, especially in Europe and Asia.
- U.S. airlines are more insulated from jet fuel shortages due to domestic fuel production.
- Jet fuel prices in North America have surged over 80% compared to last year.
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