Overseas officials warn of jet fuel shortage as feds order 300 daily flight cuts at O'Hare

CHICAGO (WLS) -- Officials overseas say Europe has six weeks of jet fuel left, warning of possible flight cancellations soon that could eventually affect travelers in the U.S.

Meanwhile, airlines have one month to figure out new flight schedules after the Federal Aviation Administration announced that Chicago O'Hare International Airport, the nation's busiest airport, will cut more than 300 flights per day starting on May 17.

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"It's definitely going to increase costs. It's a numbers game. I mean if you have X amount of product and you're the only one that has it, you charge what you want. So, that's a scary thought," said passenger Antoinette Gonzales.

"Definitely increase costs, make it more complicated, flights will be more booked, harder to change seats, so as a business traveler, that's going to really complicate things for me to get out quick," said passenger Mike Milanowski.

These cuts will remain in effect until Oct. 24. Transportation experts say this move helps settle the turf war between American and United airlines. It is a key reason why aviation regulators had to step in, as there are not enough air traffic controllers to handle all of those flights.

"We had such tremendous growth at O'Hare. The FAA is blowing the whistle, saying, 'Too much, too fast, cut.' United is probably going to have the bulk of the cuts. They're going to be affected most," said DePaul University transportation professor Joe Schwieterman.

On top of this, international energy officials warn that flight cancellations could be coming if oil supplies remain blocked by the Iran war. What's being called "the largest energy crisis we have ever faced," from the synching of oil and gas through the Strait of Hormuz, could have global repercussions.

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"As we kind of enter that summer season, it suggests that this could be, you know, quite a wild soap opera might say in terms of, will we have the supply we need, will we not? When do we cancel flights? So much is at stake until we get this fuel supply through and more smoothly," Schwieterman said.

And experts say increasing costs could chase passengers away.

"Gas prices are going to be affected, product prices that are made with petroleum are going to be affected. It's going to affect all of us in one way or another whether we like it or not," Gonzales said.

"Compounded with that, that's a miserable condition, and that's definitely going to affect my summer plans," Milanowski said.

Transportation experts say travelers will likely receive emails or travel vouchers soon, offering accommodation as flight schedules shift in the coming months.