You'd be quite mistaken. Many traders had been calling for oil with a 2-handle. Then again, many also predicted oil rebounding to a 7-handle. It's unpredictable, but for an airline to base their business model on cheap oil (as the legacies are) would ignore the basic facts of the oil industry. Pickens has been quoted as saying that there is a 1 million barrel/day oversupply out of a 95 million barrel/day demand in today's market. That doesn't leave much buffer for prices to drop further, especially with capex at major oil companies being cut significantly. Throw in the possibility of the dollar weakening, while unlikely, could also drive up prices...