updated 10/22/2007 3:40:22 PM ET 2007-10-22T19:40:22

Alaska Group Inc., the parent company of Alaska Airlines and Horizon Air, on Monday raised one-way fares between $5 to $10 to help cover skyrocketing prices of jet fuel.

"With the price of a barrel of crude oil spiking more than 50 percent since this last time last year, jet fuel is now our largest single expense, accounting for more than 30 percent of our overall operating costs," said Bill Ayer, chairman and chief executive of Alaska Air Group. "Like other businesses, we need to offset at least some of our increased costs."

For every $1 the barrel of oil rises, fuel costs rise by an additional $10 million. Within the past two week oil prices have jumped $10 a barrel, which could add $100 million to the company's annual fuel bill if prices remain at current levels, the company said.

Fares for longer flights in the United States and to Canada and Mexico rose $10 each way. Shorter flights along the West Coast, within most of the state of Alaska, and between Southeast Alaska went up $5 each way.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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