The biggest U.S. airlines missed their chance to lock in the cheapest energy costs in more than 12 years after jet fuel surged as much as 80 percent since January.

The fuel on the U.S. Gulf Coast was trading at $1.35 a gallon Friday, up from less than 80 cents on January 20, the lowest intraday level since November 2003. The gain came as oil prices rebounded about 70 percent over the same period.