Bad News For New Yorkers: Flights Will Stay Expensive

Planning a flight? Get ready to pay much more than you expect, forever.

It's not cheap to fly these days, and the head of one of the country's biggest carriers says it may get even more expensive soon.

Delta CEO Says Flight Prices Aren't Coming Down

Delta CEO Ed Bastian says the price of air fares isn't likely to come down. Delta's ticket prices rose around 12 percent in the second quarter.

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Fuel costs spiked that increase. Fuel prices rose around 80 percent year-over-year earlier due to the conflict in Iran. Prices are projected to drop about 20 percent in the current quarter.

Bastian said during a recent earnings call that even if fuel prices drop, ticket prices will remain at their current level.

New Baseline For Flights

He says that jet fuel is only one of the many aspects of running an airline. Adding that running an airline is getting more expensive because of other business costs, like labor, airport infrastructure, aircraft technology, and maintaining the planes themselves.

So these current prices are not a temporary spike; for New Yorkers trying to save money, the increase is the new baseline or the "new normal."