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Turboprop Charter Caribbean

CNBC: Private Jet Charter Cuts Member Fees on Cheaper Fuel

Posted by Alyson Wuamett on Jan 8, 2015 10:00:00 AM


Private Jet Charter Cuts Member Fees on Cheaper Fuel

By: Hailey Lee; CNBC

Plummeting oil prices are turning out to be a boon for private jet aficionados.

In order to reflect the lower price of oil, private jet charter companyMagellan Jets announced it is cutting fees for all membership contracts made after Jan. 15 by 16 percent.

U.S. crude tumbled to $46 this week, the lowest since April 2009, withBrent crude falling below $50 a barrel, the first time since May 2009.

The cost of Jet A, a type of fuel used by private jet aircraft, fell 7 percent to 9.5 percent in the past 12 months, based on research conducted by Jet Advisors, private jet brokerage and research firm. Magellan anticipates this trend to continue as the retail market catches up with wholesale oil prices.