China Rejects US Sanctions on Five Oil Refineries
Spirit Airlines ceased operations on Saturday due to rising jet fuel prices linked to the Iran war, despite a proposed $500 million US government bailout. The airline's collapse will cost thousands of jobs and benefit rival carriers like JetBlue Airways and Frontier Airlines.
Spirit Airlines halted operations on Saturday, becoming the first US carrier to cease operations due to the Iran war's impact on jet fuel prices. The airline's collapse will cost thousands of jobs and is a blow to President Donald Trump's efforts to save the company. Spirit had 4,119 domestic flights scheduled between May 1 and May 15, offering 809,638 seats. The airline's shutdown will benefit rivals like JetBlue Airways and Frontier Airlines. Spirit's restructuring plan was derailed by a spike in jet fuel prices, which climbed to around $4.51 a gallon by the end of April. The Trump administration proposed a $500 million financing package, but it was ultimately unsuccessful in saving the airline.
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