According to a recent Wall Street Journal article, jet fuel prices have fallen sharply, dropping about 40% from their peak after spiking during the Iran conflict. Normally, consumers would expect lower fuel costs to translate into cheaper airline tickets. Instead, fares remain stubbornly high.

Why?

The answer appears to be simple economics: less competition.

Airline executives have openly acknowledged that demand remains strong and, with fewer low-cost competitors in the market, there is little pressure to reduce fares. Southwest Airlines CEO Bob Jordan even noted that Spirit Airlines’ exit from the market has helped create a more favorable pricing environment for the industry. Other major carriers have echoed similar observations, saying they have seen improved pricing on routes where Spirit once competed.

That raises an important policy question. Could the Biden administration share some responsibility for today’s higher airfares?

Critics point to the administration’s aggressive antitrust approach, particularly its successful effort to block Spirit Airlines from merging with JetBlue. Supporters argued the merger would have reduced competition. Opponents warned that preventing the deal could leave Spirit too financially weak to survive. Ultimately, Spirit collapsed, leaving travelers with one less ultra-low-cost airline and giving larger carriers even greater pricing power.

No one can say the administration alone caused higher fares. Rising labor costs, aircraft shortages, inflation, and strong travel demand have all played significant roles. But it is fair to ask whether allowing a financially struggling airline to disappear entirely has produced a worse outcome than permitting a merger that might have preserved at least some competitive pressure.

Competition has long been one of the most effective tools for keeping airline prices in check. When fewer airlines compete for passengers, consumers often pay the price. As fuel costs continue to decline, travelers are left wondering why they aren’t seeing the savings reflected in their ticket prices. That question deserves a serious answer.

If you’d like, I can also make this more free-market and editorial in tone, similar to a newspaper opinion column.