这是CNBC财经新闻为中国中央电视台制作的2026年10月23日报道脚本。
– This is the script of CNBC's financial news report for China's CCTV on October 23, 2026.
航空煤油是商业航空公司最大的单项运营开支之一。国际航空运输协会（IATA）的数据显示，自中东冲突爆发以来，全球航空煤油价格已飙升113%，达到每桶约193美元。早在6月，国际航协就预测，2026年全球航空公司燃油支出将达到约3500亿美元，占总运营成本的近31%，较去年增加约6个百分点。在这些压力下，部分成本上涨已通过票价调整传导给消费者。数据显示，自美伊冲突爆发以来，美国机票价格同比飙升近23%。
Jet fuel represents one of the single largest operating expenses for commercial airlines. Data from the International Air Transport Association shows global jet fuel prices have surged 113% since the outbreak of Middle East conflicts, reaching approximately 193 dollars per barrel. Back in June, IATA projected that global airline fuel expenditures would reach roughly 350 billion dollars in 2026, accounting for nearly 31% of total operating costs, an increase of roughly 6 percentage points compared to last year. Under these pressures, a portion of cost increases has already transmitted to consumers through fare adjustments. Data indicates US airfares have jumped nearly 23% year over year since the US Iran conflict began.
业内观察人士预计，随着航空公司燃油套期保值比率下降，明年机票价格将进一步上涨。即使油价回落，票价也不太可能回到冲突前水平。这一轮涨价不仅旨在抵消当前的燃油价格飙升，还旨在弥补近年因航班产能过剩、票价压制和持续通胀而丧失的未调整定价权。
Industry observers expect ticket prices to rise further next year as airline fuel hedging ratios decline. Even if oil prices retreat, fares are unlikely to return to pre conflict levels. This cycle of price increases serves not only to offset immediate fuel price spikes, but also to make up for unadjusted pricing power lost in recent years due to flight overcapacity, fare suppression, and persistent inflation.
美国联合航空公司首席执行官斯科特·柯比表示：“虽然今年机票价格大幅上涨，但与2019年相比，按实际价值计算仍处于下降状态。现在的定价更加理性。” 机票上涨并不意味着航空公司能将所有燃油成本压力完全转嫁给乘客，航空公司自身仍需承担巨大的财务压力。例如，美国航空公司第三季度收入同比增长近20%，却因燃油费用激增录得约2.7亿美元的净亏损。达美航空、西南航空和联合航空也因燃油和运营成本上升而下调了全年盈利预期。
SCOTT KIRBY CEO United Airlines "While air fares are up a lot this year, they're still down in real terms compared to 2019. Pricing is much more rational now." Rising airfares do not mean airlines can pass all fuel cost pressures entirely onto passengers, leaving carriers to absorb significant financial strain themselves. American Airlines, for example, saw third quarter revenue grow nearly 20% year over year, yet recorded a net loss of approximately 270 million dollars due to surging fuel expenses. Delta Air Lines, Southwest Airlines, and United Airlines have also lowered their full year earnings guidance under the weight of higher fuel and operational costs.
克里斯·苏努 首席执行官 美国航空公司协会 “让飞机升空的绝大部分成本是航空燃油。现在航空公司自己承担了其中的大部分成本。它们实际上今年将因承担这部分成本而亏损120亿美元。” 当票价上涨不足以抵消成本压力时，航空公司可能进一步削减运力，从而可能在航空业引发另一轮结构性整合。 5月，美国超低成本航空公司精神航空宣布将停止运营，成为在美伊冲突引发的燃油价格飙升重压下首家倒闭的航空公司。
CHRIS SUNUNU President and CEO Airlines for America "The vast majority of the cost of putting a plane in the air is jet fuel. Now the airlines themselves are eating most of that cost. They're actually they're going to lose 12 billion this year just by eating that." When fare hikes prove insufficient to offset cost pressures, airlines may further trim capacity, potentially triggering another round of structural consolidation across the aviation industry. In May, US ultra low cost carrier Spirit Airlines announced it would cease operations, becoming the first airline to collapse under the weight of fuel price surges sparked by the US Iran conflict.
与此同时，另一家廉价航空公司捷蓝航空的自由现金流仍因高企的航空燃油价格而受到严重挤压。
Meanwhile, free cash flow at another budget carrier, JetBlue Airways, remains severely squeezed by elevated jet fuel prices.