Washington DC - A group of budget airline companies has asked President Donald Trump and his administration for billions of dollars to help them deal with skyrocketing jet fuel prices caused by the Iran war.

In a statement shared on Monday, the Association of Value Airlines announced that they recently met with Transportation Secretary Sean Duffy to discuss the issue, as fuel prices "have increased by nearly 100% and are placing significant financial pressure on value airlines."

The group – which represents Allegiant Air, Avelo Airlines, Frontier Airlines, Spirit Airlines, and Sun Country Airlines – revealed that they asked the Trump administration to implement a program that would create a "$250 billion liquidity pool, used exclusively to offset incremental fuel costs" and keep their prices reasonable for customers.

They argued that value airlines play "a critical role in the affordability and accessibility of air travel" but said they are "disproportionately impacted" by the rising fuel costs compared to larger airlines.

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According to The New York Times, Spirit Airlines is separately trying to negotiate a loan of up to $500 million, which would also grant the administration the power to purchase ownership stakes in the company.

The news comes as Trump's decision to go to war with Iran has led to spiking oil prices that have affected both corporations and consumers.

In an interview last week, Secretary Duffy expressed skepticism over the Spirit deal, arguing that the company has had "a lot of money thrown" at them, but has not "found their way into profitability."