Rising fuel costs for US airlines

Delta stated today on its earnings call its concern with rising fuel prices, and how this will negatively impact their earnings.  The rise in traffic is welcome, but that rise may not be fast enough to offset rising fuel costs. So what do these costs look like for the industry as a whole, and Delta specifically?

Using the T-2 dataset from 2005 through mid-2021 we get the following model. This gives a good period to evaluate as it includes previous fuel price spikes. by selecting an airline you can, after clicking the play button, see how that airline’s fleet behaved in terms of the number of flights and fuel burned (gallons).