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2009: According to this article, it wont be pretty

Major turbulence ahead for airlines - Yahoo! News

It probably all comes down to regulation and whether or not to do it...again...

No need to re-regulate the airline industry or any other industry in this economy.

High oil is directly linked to a de-valued USD and poor federal reserve monetary policy. Raise the federal funds rate 1/4 point and you will start to see oil speculation neutralized and the price of oil would slowly stabilise.

If the 'FR' would raise the federal funds rate an additional 1/4 point before years end, eventually oil will be a less attractive investment and oil will start to reverse in price and would send a clear signal to speculators.

EAHINC