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Posted on 04/21/2011 11:43:38 AM PDT by Nachum
Soaring jet fuel prices are wiping out profits at the nation's biggest airlines.
The world's biggest airline company, United Continental Holdings Inc., said Thursday that it lost $213 million in the first three months of the year after it paid nearly $600 million more for fuel than in the year-ago quarter.
American Airlines posted a $436 million loss. Like other airlines, American uses complex financial transactions to hedge against rising fuel prices. But these hedges only do so much to control the airlines' single biggest cost. Hedging saved American Airlines $100 million in the first quarter, but its fuel bill still rose by $351 million.
Even a profit machine like Southwest Airlines Co., and rival low-cost carrier JetBlue Airways Corp., barely rose above break-even after paying to fuel their planes.
The rising costs offset revenue gains that ranged from 9 percent at American to 18 percent at Southwest.
(Excerpt) Read more at breitbart.com ...
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In Atlas Shrugged: Part I”, it is 2016 and gas is $37.50 a gallon. Trains have once again become vital because the entire air transport industry has ceased to exist.
And the eco-nazis, the most politically potent force in the Democrat party (the unions are pikers compared to the econazi money), are celebrating wildly. Another industry brought down.
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