Shares of JetBlue Airways Corp. increased by 1.63 percent to $24.40 in afternoon trading on Monday, The Street reports, signaling the company's continually-increasing growth.
The low-cost airline brand's success is attributed to the ongoing drop in crude oil prices, which have alleviated operational costs for airport locations around the country. Brent and West Texas crude value has decreased, 0.26 percent to $49.06 per barrel and 0.38 percent to $42.34 respectively, The Street also reports.
JetBlue has also experienced growth in traffic within the past year. In response, the company has implemented new initiatives aimed at accommodating the rise in customers.
The company recently announced it will implement a new three-tier fare system that is based upon the number of baggage items customers select upon purchasing their tickets, the Associated Press reports. JetBlue will also begin charging up to $25 for a checked bag, eliminating their long-time complimentary service allowing up to one free luggage item.
Jet Blue's new pricing policies are said to have been suggested by its investors.
"They don't believe, or at least the financial community doesn't believe, that they're earning the revenue premium necessary to support a more generous product," ViewFromTheWing blogger Gary Leff told the Christian Science Monitor.
"JetBlue's position is that their product is still better than what many airlines offer even with the fees."
JetBlue was founded in 1998.
