I would like to point out that last week I wrote:
“Oil remains above $105 a barrel, causing airlines like United and Delta which have major hubs in Atlanta, Chicago and Salt Lake to raise ticket fares by $10 as a fuel surcharge. This surcharge is long overdue. I, for one, will not squeak at paying it. Each 44 gallon barrel of crude oil produces less than 4.5 gallons of jet fuel. A small 737 has a fuel capacity of 5500-6700 gallon. The larger planes take much more. These rising fuel costs are likely to drive more airlines out of business or into bankruptcy protection or into merger for survival. One hidden benefit of this is that the price difference between first class and coach is starting to shrink, making flying first class an affordable alternative for many. (Yours truly included.)”
This week Aloha Airlines, ATA & Skybus ceased operations. I personally don’t think Northwest Airlines will make it to Labor Day. And on that note I’m going out to buy lottery tickets.