Because one flies to eco-conferences, Dearie, never buses

Crisis: Amid booming market, not enough private jets for the uber-rich.

A record spike in private jet use driven by demand from the super-rich has led to a shortage of planes as operators struggle to keep up with demand.

More than 4.2m private jet flights have taken place so far this year, according to aviation data provider WingX. In the first week of November, they were up 54% in the same period last year and up 16% in 2019.

Suppliers say the demand is being driven by the patchy return of commercial flights and an increase in wealth among the world's richest people, particularly in America.

Private Bus industry “ in peril”

"Across the board, the industry is still operating at about 50%," he said, noting that the number is better than 2020, "but a far cry from where we would normally be." 

During the pandemic, busses that transport entertainers, tourists, commuters, sports teams and students were losing millions as employees became unemployed and with many people continuing to work from home following coronavirus shutdowns. 

Between 80 and 95% of motorcoach trips were canceled due to the coronavirus pandemic, a loss that amounted to a staggering $4.8 billion since mid-March when the virus broke out resulting in nearly 28,000 industry-wide job losses, according to data commissioned by the American Bus Association with economic research firm John Dunham and Associates.

On Monday Pantuso told Varney that revenue for the private bus industry is currently down about $7 billion compared to 2019 and pointed out that 2020 "was even worse." 

"We are typically a $15.3 billion industry," he explained. "Last year we operated at about $2.6 billion and this year… we’re down over $7 billion."