Aircraft can go faster with less fuel in the thinner air of high altitude. At the same time, if they go too high, the air is so thin that maintaining altitude is difficult. 30000 to 40000 feet is the sweet spot where you can maintain altitude and fly most efficiently.
That the jet stream is operative at those altitudes, in some areas, is an additional bonus that can save you 10% to 20% of the total flight time, but only in certain directions. For example, NYC to London is about 7 hours, but London to NYC is about 8 hours.
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