But there is good news for travelers: did you know that European travel, even with the current hefty fuel surcharges, is still a relative bargain? And it's looking better every day as the dollar gains strength against the Euro and the British pound. And try this on for size: Ryanair, the low-cost airline ticket king of Europe, is threatening to put on $20 each-way flights over the pond within a few years.
And you know what? When it comes to airline ticket prices, all it takes is one falling domino, and watch for an avalanche of airfare sales or significant decreases in fuel surcharges.
I am already seeing signs of discounting around Thanksgiving in select markets. As the financial turmoil unfolds, you might want to check the price of that trip you thought was out of your budget. You may get an unexpected holiday surprise.
This work is the opinion of the columnist and in no way reflects the opinion of ABC News.
Rick Seaney is one of the country's leading experts on airfare, giving interviews and analysis to news organizations, including ABC News, The New York Times, The Wall Street Journal, Reuters, The Associated Press and Bloomberg. His Web site FareCompare.com offers consumers free, new-generation software, combined with expert insider tips to find the best airline ticket deal.