Market will eventually figure out that we are in a joint venture (meaning we pay the bills) for 50% of a lot of Air France and Alitalia flying. Air France is losing money and the majority shareholder of Alitalia is the Italian Government, which would not be so bad, but guess who underwrote Alitaila's bankruptcy exit financing ... . The market will try to figure out what the Italian default and possible break up of the Euro zone means to Delta's share of the joint venture (dare I call it a partnership).

As for oil prices ... the increase is a bit of good news / bad news. The good news is that whatever economic activity supports oil prices also supports the international commerce that is Delta Air Lines business. The good news is also that we are better hedged this year compared to our peers.