You can fly between New York and Los Angeles for as little as $370 round-trip, not including taxes and government fees, on JetBlue, and $20 more on American. And out of that, how much will the airline spend on fuel? Almost $300 per passenger for JetBlue at current prices, and nearly $500 for American. Just Friday's $10.75 leap in oil prices would raise the cost to JetBlue Airways Corp. to fly someone from New York to Los Angeles and back by almost $24.
Full article from WSJ here, but the above paragraph captures all you really need to know.