Keep pulling the thread on Ed Bastian.
Jet fuel prices have doubled in the last 30 to 60 days following 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 spike in jet fuel prices.
The recent increase in jet fuel prices represents an almost $10 billion annual run rate of higher costs for Delta.
Delta expects its proprietary oil refinery near Philadelphia to generate between $200 million 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.
Delta's CEO predicts that within the next decade, new aircraft technologies will enable planes to fly with significantly less fuel consumption.
Travel between the United States and China has recovered to less than half of its pre-COVID levels due to geopolitical decoupling between the two countries.
Delta expects to cover approximately half of its increased fuel costs in the current quarter through higher ticket prices.
The expected cost savings from Delta's refinery in the current quarter alone are more than double the original purchase price of the facility.
Delta has observed that demand from its higher-end consumer base remained strong throughout the year and even appeared to increase after the start of the recent conflict in the Middle East.
Travel demand originating from European points of sale for flights to the United States has been declining for several years.
Delta is launching three new routes to Europe in the next week, specifically to Sardinia, Malta, and Porto.