Despite the current low cost of jet fuel, records show the price of airfare is continuing to rise.

In a recent 12-month period, the U.S. airline industry spent $1.6 billion less to buy jet fuel. But airfares have risen 3.5 percent to about $372 for the average domestic ticket.

Dr. Michael Driscoll, a professor at Adelphi's business school, says airlines are not obligated to lower prices based on fuel costs.

"This is the busiest time of the year for them...Thanksgiving and holiday travel. So, it's against business nature," said Driscoll. "You're not going to cut your prices when you're coming up to your busiest time of the year."

Experts say there does not seem to be an end to extra fees for baggage either.

The airlines are spending money in other ways, including reinvesting in their planes, airport terminals and computers. Over the last five years, more than 10,000 new planes have been ordered.