There's a drop in traffic - in the air, that is, and that's resulting in higher ticket prices for air travelers.

Recently, major carriers have announced big cuts. The parent company of United Airlines, UAL Corp announced another 70 jetliners will be put aside in order to cope with soaring fuel prices. United Airlines is discontinuing Ted, its low-fare airline, and will reduce 1,100 more jobs.

Aircraft cuts lead to layoffs and a reduction in the number of routes or daily flight frequencies.

British Airways said traffic has dropped 0.7% since last year.

Airlines have had to double or triple their cheapest U.S. fares compared to last summer.

Continental Airlines will cut 3,000 jobs and retire 67 Boeing planes from its fleet. Delta Air Lines and American Airlines have announced similar measures.