Get ready for higher holiday airfares as airlines cut flights over high fuel costs

Airlines are reducing flight options and may increase fares for the holiday season due to high fuel costs. Oil prices have surpassed $100 a barrel this month, with jet fuel at $4.53 a gallon as of Thursday. Airline executives, speaking at Morgan Stanley's Laguna Conference, said demand for December is strong but further cuts and price hikes are possible if fuel prices remain high. According to the Bureau of Labor Statistics, airfares rose more than 23% year-over-year in August.

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