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CHEAP SEATS Falling Oil Price Fuels Cheaper Fares

Wednesday February 3, 2016

CHEAP SEATS Falling Oil Price Fuels Cheaper Fares

The cost of flights to Lanzarote and other destinations around the world looks set to fall this year, thanks to the continuing downward movement in crude oil prices.

The cost of a barrel of oil has fallen by nearly 70% since June 2014, driven largely by increased production in Saudi Arabia which is designed to kill off the nascent shale fracking industry in the U.S.

And whilst some observers claim that this could spell bad news for the wider economy it also translates into cheaper air travel in the short term, especially on routes contested by budget airlines. With Ryanair recently announcing a projected 6% drop in their fares this year.

Cheaper fares should help to contribute to an ongoing increase in visitor numbers during the course of 2016, after the island enjoyed record breaking arrivals last year.

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