Air travel prices likely to get worse in coming weeks, Chevron CEO says

Face The Nation Air travel prices likely to get worse in coming weeks, Chevron CEO says .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-face-the-nation.jpg'); } By Caitlin Yilek Caitlin Yilek Politics Reporter Caitlin Yilek is a politics reporter at CBSNews.com, based in Washington, D.C. She previously worked for the Washington Examiner and The Hill, and was a member of the 2022 Paul Miller Washington Reporting Fellowship with the National Press Foundation. Read Full Bio Caitlin Yilek April 23, 2026 / 5:14 PM EDT / CBS News Add CBS News on Google Washington — Chevron's chief executive predicted travelers could see airline fares rise and fewer flights available in the coming weeks, as the standoff with Iran over the Strait of Hormuz continues to rattle global markets and drive up the price of fuel. "We've seen some upward pressure on gasoline prices now. I think aviation is clearly an area where it's going to probably get worse over the next few weeks," Chevron CEO Mike Wirth said in an interview Thursday with "Face the Nation with Margaret Brennan." "We are seeing jet fuel tighten very quickly in Europe, in Asia, and we're seeing airlines announce adjustments in their flight schedules. We're seeing it flow through into fares. I think that's one of the first places it will be felt most broadly," he said. Wirth said there was already a jet fuel shortage in certain parts of the world before the war with Iran began on Feb. 28. Airlines have hiked their bag check fees and cut routes since the start of the war in response to the crisis. Carriers based in the U.S. are slightly better positioned than European airlines because the U.S. produces its own jet fuel. "I think the upward pressure that they're seeing on prices and the tightness in the market is likely to lead to further route optimization. And so flights may not be as abundant as they otherwise would have been. I think planes will probably be more full than...