JetBlue raises bag fees for third time in a year as fuel costs bite

Welcome to the era of the $70 bag fee.

JetBlue Airways has raised the price of checking a bag for many customers for the third time in less than a year as high fuel costs continue to eat into the industry's profits.

Checking a first bag for travelers booked in economy will now be $50, up from $45, if purchased more than 24 hours before departure during a non-peak travel period. If it's paid within 24 hours of departure, the fee will be $60. During a peak period, such as during the holidays or the summer, it will be $55, up from $49, and $70 for within 24 hours of departure.

There are exceptions to the checked bag fees, such as for customers who hold a co-branded JetBlue credit card or hold elite frequent flyer status.

"We're adjusting checked bag fees to help offset rising fuel and operating costs," JetBlue said in a statement. "This helps us keep our base fares competitive while giving customers the choice to pay for a checked bag only if they need one."

The price of jet fuel, airlines' biggest cost after labor, has roughly doubled this year since the start of the Iran war in February, costing airlines billions and driving up the price of tickets. Jet fuel was going for $4.44 a gallon on Tuesday for the U.S. Gulf of Mexico, according to the U.S. Energy Information Administration.

Other airlines often follow when one carrier raises fees. Major U.S. airlines did so earlier this year after JetBlue raised its bag fees.