The Globe and Mail reports in its Tuesday edition that the federal government is providing financial relief to airlines that are struggling under the soaring cost of jet fuel, offering loans of as much as $150-million a company. The Globe's Eric Atkins writes the loans are intended to ensure the stability of the airline sector while protecting travellers' access to affordable routes in the busy summer travel season. Jet-fuel prices doubled after Israel and the United States attacked Iran on Feb. 28 and Iran began restricting vessel traffic through the Strait of Hormuz in retaliation. The waterway carries 75 per cent of Europe's imported jet fuel. The spot price for U.S. Gulf Coast jet fuel is $3.57 (U.S.) a gallon, down from $4.34 (U.S.) earlier in the conflict, but well above the prewar $2 (U.S.) level. Although Canada is self-sufficient in jet fuel and refines 80 per cent of its needs, prices are set by world markets. Participating airlines must commit to sourcing goods from domestic sources, restrict dividends and executive pay, and maintain Canadian operations and employment. Air Canada, Air Transat, Sunwing Vacations and Porter were among the largest borrowers from the government's pandemic bailout program.