None of that is a surprise to your management. They have economist working for them and this has been one of the most predictable economic cycles. When you unwind the biggest money print and fed balance sheet expansion in history a slowdown is inevitable. The rise in oil marks the beginning of the end of the business cycle and your company is well positioned for it. Maury was quoted after the 2008 downturn ended saying he wished they had a couple more years of it. The leisure market is resilient and unlike most airlines that have 110 million dollar per a/c lease payments, yours can flex down lower margin routes if oil stays high long enough. Your company cruised through the lost decade and hit 68 consecutive profitable quarters.