Largest U.S. airlines increase roundtrip fares $20

The soaring price of oil is translating into even higher airfares.

Some of the biggest airlines in the U.S. have raised domestic roundtrip fares by an additional $20, adding to the strain on travelers who are already paying nearly $4 per gallon for gas for their cars.

The new increases come after a dramatic two days of oil price increases late last week, stemming from the 13 percent increase in the cost of crude during the same brief period. Prices eased after the weekend, but still remained above $135 a barrel.

American Airlines was the first to launch the new fare increases, and was followed quickly by competitors United Airlines and Delta Air Lines.

Continental Airlines matched the fare increase during the weekend, but rolled prices back on Monday, raising speculation that the other airlines might do the same.

A representative for the Houston-based Continental could not be reached for comment.

Given the price sensitivity of the airline industry, carriers generally maintain fare increases on routes only if their competition does the same.

Recently, airlines have been trying various measures to cut costs and to increase revenue to offset the rapidly rising price of fuel. The price of a gallon of jet fuel is 77 percent higher than last year at this time.

Several airlines have laid out sweeping plans that including cutting jobs, discontinuing flights, and grounded many of their less-efficient planes. Many hope to be able to push fares higher by reducing the number of seats available.