Private Jet Charter Cuts Member Fees on Cheaper FuelBy: 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.
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.