Ian Verrender

And shifting it all home, which is what Donald Trump would love to see happen, may not be, well, it's not really a realistic proposition anymore, is it?

See you.

Good to be here, Carrington.

Yeah, Carrington, look, jet fuel seems to be one of those fuels that is really impacted by these shortages coming out of the Middle East.

And it's not just the price of fuel.

So we always talk about the price of crude oil and what Brent's doing and what West Texas Intermediate's doing.

But jet fuel itself is a separate category of fuel.

And the price of jet fuel has just gone absolutely ballistic.

It's been the worst affected form of fuel since this crisis began.

In our part of the world here, which is called Oceania, jet fuel prices are actually up 150% compared to this time last year.

And a lot of it is to do with refining margins, the amount of profit that the refiners are making out of particular types of fuel.

So out of, say, diesel and petrol, refining margins have jumped around about two to three times.

With jet fuel, the margin is now five times what it was just before this crisis came into being.

So you can understand why this is all happening.

Now,

Jet fuel essentially is refined kerosene and it's made from light crude, you know, which is what America actually produces a lot of, but we get a lot of it out of the Middle East and particularly the Asian refiners where we get our jet fuel from, they get their fuel from the Middle East.

And so that's why Oceana fuel supplies, jet fuel supplies have really risen quite dramatically.

You know, the interesting thing about Qantas is it's always been really good

at mitigating price hikes because of fuel prices, because they've always, what's known as hedged their oil contract prices.

But they've never been able to hedge jet fuel prices, the refined product.