Philly Road Warrior: Brace for more turbulence from airline industry
Philadelphia Inquirer, The, April, 2008 by Tom Belden Inquirer Staff Writer
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A river of grim news has flowed out of the airlines the last two weeks, and it won't be long before travelers feel the waves soaking their wallets. The tremendous spike in oil prices, the same one that's causing you pain at the gas pump, pushed virtually every carrier into the red in the first three months of the year.
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Southwest was the only big airline with a modest profit, and that happened because it could afford to buy fuel contracts - or hedges - months or years ago that helped it lock in lower prices. The warnings airline managers and industry analysts are issuing about their fuel costs are as dire as anything we've heard since the dark days after Sept. 11, 2001. If oil stays at $120 a barrel or more, nearly every carrier could need bankruptcy-court protection to reorganize in hopes of survival. The losses are forcing ...
