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U.S. markets recover from steep losses
TORONTO, June 3 (UPI) -- With oil prices in record territory, Air Canada reports it's still losing money on fares despite $145 fuel surcharges.
A barrel of crude has been hovering around the $130 mark for the past two weeks, meaning the airline spends $68,948 to fill up a Boeing 777 for a flight from Toronto to London, the Globe and Mail reported. That means the $145 fuel surcharge on the Toronto-London route doesn't cover the one-way fueling costs of $197.56 for each of the 349 seats.
"With oil, each increment up makes it harder and harder on us," said Air Canada Chief Executive Officer Montie Brewer. "Oil was a problem at $80 and $100, and now it's crazy."
Analysts told the newspaper every annual increase of $1 a barrel lops $25 million from the airline's operating profit. The airline, based in Montreal, posted an operating loss of $137 million in its first quarter, the report said.
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