Keep pulling the thread on Ed Bastian.
Jet fuel prices have doubled in the 30 to 60 days since the start of the conflict in the Middle East.
Delta incurred over $2 billion in higher costs in the current quarter due to the recent doubling of jet fuel prices.
The recent increase in jet fuel prices represents an almost $10 billion annual cost increase for Delta on a run-rate basis.
Delta anticipates its proprietary oil refinery near Philadelphia will generate between $200 and $300 million in fuel cost savings in the current quarter.
Delta will increase wages for all its employees by 4% starting on June 1st.
Ed Bastian predicts that within the next decade, new aircraft technologies will enable planes to fly while using significantly less fuel.
Travel between the United States and China is currently at less than half of its pre-COVID levels.
The decoupling between the United States and China is the primary reason that travel between the two countries has not recovered to pre-COVID levels.
Delta expects to offset approximately half of its increased fuel costs in the current quarter through higher prices paid by consumers.
The expected cost savings from Delta's refinery in the current quarter are more than double the original purchase price of the facility.
Delta has observed strong travel demand throughout the year, with a noticeable increase following the start of the war in the Middle East.
Delta is launching three new routes to Europe in the coming week, with destinations in Sardinia, Malta, and Porto.