An increase in jet fuel prices was revealed during the Martha’s Vineyard Airport Commission meeting.
“I understand that a truckload of fuel, this is jet fuel, coming in now, which used to cost $25,000, is now crossing $37,000,” commission treasurer Robert Knabel said. So far, fuel sales have been steady. Additionally, the airport’s jet fuel sales have gone up, compared with the average of the “last five or six years.”
Martha’s Vineyard Airport director Geoff Freeman told the Times the jet fuel comes in 10,000-gallon trucks, while aviation gas for piston aircraft come in 8,000-gallon increments.
“Given the chaos in the oil market, the gas market, are we prepared to keep up with the 10 cents a gallon daily price increases?” commission vice chair Don Ogilvie asked. Knabel said the airport has been keeping up with it.
Freeman said the current way of keeping up with the price increases is to look at the market on a daily basis, adjusting as needed, and seeing what the competitors are doing.
Commission chair Bob Rosenbaum commented this may affect airlines and their ticket prices.
In other business, several members of the commission were renominated and unanimously approved in their current positions — Bob Rosenbaum at chair, Ogilvie at vice chair, Kristin Zern at secretary, and Knabel at treasurer. This is an annual process.
During his chair report, Rosenbaum said the Dukes County’s steering committee and working group committee, both of which deal with America Rescue Plan Act (ARPA) funds, revealed three applicants for the grant: $1.5 million for the airport’s wastewater facilities, around $100,000 for TestMV’s invoices, and $500,000 for new septic tank technology for the Martha’s Vineyard Commission. This equates to $2 million of the $3.3 million Dukes County has at its disposal. The working group will look over the fund applications to see if they meet federal regulations and requirements. A meeting or two will be needed for the commission to decide whom to give the grants through a vote by the county, according to Rosenbaum.
I understand why the price of all sorts of fossil fuels are going up, but can anyone tell me who is putting all that extra money in their pockets ?
The people who own, process, transport, distribute, and retail petroleum products.
Even Islanders.
I haven’t seen any gas stations go out of busisness
30% of “big oil” stocks are owned by pension funds. 18% IRA’s, 24% mutual funds, 18% private stocks ownership. So who benefits from high oil prices the most????
Good question Don Keller and I would suggest that those who own jets, be they private or commercial, are in a financial position to pay more. Small prices to pay if it helps stop the slaughter of innocent Ukrainians.
That’s a great question
There always seem to be an excuse for gouging!
Why is this story about jet fuel? How about a story about all the other fossil fuel’s prices that are rising and affecting non wealthy people?
You must be new here.
The Island is about wealthy people.
Jet fuel prices do not just affect people that own jets. It affects ALL people. Jet fuel, diesel fuel and heating oil are all the same fuel. It’s dyed and blended differently.Gas stations make pennies on the gallon therefore they have to subsidize their businesses with convenience stores or repair shops. Smartest thing the country can do now is produce oil domestically for multiple reasons inflation and saving lives from War. I am pro green but people must realizes that sometimes plans need to be changed temporarily for the best interest of people. I hope you realize as you read this you’re sitting on a seat cushion that too is made with petroleum.
If you think the price of the pump is the only thing affected do some research and you’ll realize that petroleum is a major part of so many products. Transitioning renewable energy is good but like anything it needs to be transitioned properly.
ok–I keep hearing from some people here that we should do more domestic drilling to increase the supply side of the supply- demand law of economics.
I wonder how that would reduce the price. This is a legitimate question– Is there a single gas station anywhere in the United States that does not have an adequate supply of gas , jet fuel ? Has the price of jet fuel gone up because there are lots of jets waiting for the next tanker truck to come to the island with it ?
Is there any kind of shortage of any petro product ?
Has anyone in this country had to sit in a long line to get gas recently ?
These questions apply for most of the world. Yes, there are exceptions, like in the current war zone in Ukraine where Russian tanks and planes are blowing up gas stations and fuel depos. Perhaps a few developing countries as well.
But really — how would pumping more oil out of the ground reduce the price, when we already have so much we carelessly waste billions of gallons of it every day ?
The simplistic ignorance that many people seem to have about this topic is astounding.
Should we just pump it into the finished end of the keystone pipeline and let it run out of the unfinished end ?
And what, may I ask, does this have to do with shifting to a greener energy economy ?
I keep hearing about how we have to “transition properly”. What does that mean ?
To me it is nothing more than an ignorant talking point of ignorant partisan fools.
Every windmill, every solar panel and every kind of alternative energy project that comes on line reduces the demand for fossil fuels and in no way reduces the supply of it.
Excuse me if someone is offended —- Get over it.
Econ 101 Don, when there’s less supply of an item in demand, prices rise. Nobody wanted oil in spring 2020, when global Covid orders meant nobody needed to gas up and get to the office. With demand cratering, oil prices did too — even briefly trading at negative prices. In late February of this year President Biden dispatched two federal government officials to Saudi Arabia to discuss increasing oil production and getting the continuing price spike back under control. Domestic oil production peaked in December 2019, during the Donald Trump administration, pumping 12.9 million barrels of oil per day. That number has gradually declined since, averaging out at around 11 million barrels per day through 2021. Please dont tell us prices dont go down when supply increases. If producers of your beloved bicycles saturated the world market with too many bicycles you think bicycle prices would not go down. Hilarious.
Andy– You and I are in agreement about econ 101– You make the point quite clearly with your mention of falling oil prices during the pandemic. That was the result of falling demand.
When the oil embargo of the early 70’s reduced supply, the price went up.
So we have clear examples of the basics of the correlation between supply and demand and the price.
The current surge in oil prices has nothing to do with either supply or demand.
There is no shortage of oil. Very little has changed with either the supply or the demand in recent months. In fact, during the last 8 months of 2021, the U.S has on average produced over 5 million barrels of oil per day above the same time period of 2020. Yeah, I know you will have some sort of excuse for that, and blame some democrats– we know— we have heard that sad fiddle playing before.
What I am saying here is that there are 2 — count ’em— two ways to reduce the price–
Increase supply, or reduce demand. I feel increasing the supply is ineffective, since the market is already saturated with more oil than we can burn.
It’s easy for the feeble minded sheep following every frown on tucker’s face to put little stickers on gas pumps blaming “Brandon” for the increase in price, but you and I both know the president of the U.S has little to do with it.
Perhaps if tucker didn’t encourage Putin to invade a sovereign nation, the price would be where it was last month.
He certainly gets a lot of air time on Russia’s only source for “news”.