"Better lock in your fare," says Paul Ruden, the senior vice president for legal and industry affairs for the American Society of Travel Agents (www.asta.org). "A month from now, it's going to cost more. There isn't anything to drive fares down at this point."
What would make ticket prices fall?
Easing tensions in the Middle East, which would lower oil prices and put downward pressure on fares. Airlines could also add flights, which would add capacity, pushing prices lower.
Neither is likely to happen, Ruden says.
"Capacity is really tight and oil prices are rising," he says. "To me, that suggests fares are going to go up in the foreseeable future."
Bob Harrell, a respected airfare analyst, agrees.
"I think fares are going to go up," he says.
But that's not to say that air travelers who aren't risk-averse won't find a few rewards by waiting. While the average leisure fare is up roughly 20 percent from a year ago, there's no guarantee the typical summer fare sales will be canceled.
"You can do OK by waiting 60 days prior to your departure to buy," Harrell says. "It doesn't matter what's happening in the Middle East. There are always empty seats. And there are always sales."
The question is, how lucky do you feel?
Fares are climbing quickly, experts say.
"Airlines are increasing their fares at the fastest pace in two years, driven by high fuel prices and enticed by strong consumer demand," says Krista Pappas, a director for Bing Travel (www.bing.com/travel).
One airline even wants to build some of these fluctuations into the price of air transportation. Its proposal, if approved by the Department of Transportation, could change the way airline tickets are priced.
Allegiant Air, the Las Vegas-based no-frills airline, outlined its plans to let passengers play the oil futures market in a recent letter to the DOT.
