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Flights cost less as oil prices continue to drop

Posted at 10:15 PM, Jan 21, 2016
and last updated 2016-01-22 00:15:55-05

Low oil prices may be bad for the economy, but good for your personal travel costs as your next flight could be the cheapest in decades. 

This week, the U.S. Bureau of Labor Statistics released the latest data, showing export passenger fares decreased 15 percent in the last year, the largest drop since they started keeping track in 1987.

At Red Carpet World Travel in Colorado, travel agents said the airlines' fuel savings don't always trickle down to consumers' costs.

"The key is you don't get any savings if you wait until the last minute to travel," said Darlene Stacie, owner and manager of Red Carpet World Travel.

Stacie said the biggest price drops can be found on discount carriers, when travelers plan trips in advance and are flexible with travel times.

"Travel is no longer a dream," said Stacie. "It's something that's affordable."

Oil prices per barrel are now under $30, which means oil prices have lost a third of their value in the last month.

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