Cheap oil means cheaper private jets

Magellan Jets private oil discount
Flying private just got cheaper

Thanks to the recent plunge in oil prices, now's the time to catch a break on a new private jet charter service membership.

Magellan Jets announced Wednesday it's cutting fuel prices for new member contracts starting Jan. 15 by 16%. The private jet charter service company said the reduction is in response to the drop in oil prices.

Gas below $2 at 40% of U.S. stations

Oil prices have recently dropped below the $50 mark as supply continues to outweigh demand.

"While we cannot adjust prices with every fluctuation in the market, we could not watch such a significant swing in oil prices without taking action on behalf of our customers," said CEO Joshua Hebert in a statement.

CNNMoney (New York) First published January 7, 2015: 6:02 PM ET

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