There is no jet fuel shortage, according to Greg Raiff, CEO of private jet services company Elevate Jet.The Strait of Hormuz may be closed, locking away more than 20% of the world’s supply of jet fuel. Major airlines have cancelled hundreds of flights all over the world. And Europe may reach a 23-day shortage threshold in June.But Raiff hasn’t seen a lack of jet fuel.“Those stories are largely politically driven by governmental authorities who are trying to pressure an end to the war, and no better way to get people out than tell them that they can’t get to their summer holiday,” he told Fortune.
“Not only has demand not slowed for private aviation, since fuel prices went up and the war started, it’s actually gone up slightly,” he says. “Aviation is up this year in terms of total demand, total hours flown, total volume of arrivals and departures, on a global basis.”
According to ESGauge, the analytics firm, 48.8% of S&P 500 companies now allow their CEOs to have private use of the corporate jet, up from just 6% in 2021.
“I’m saying we are not going to run out of jet fuel. In my professional opinion, 35 years doing this, that we are in no risk of running out of jet fuel anytime soon,” Raiff said.
