Yep and with oil topping $60 a barrel....
The problem with oil is not only tight supply, it is made worse by the fact the dollar is being devalued by Bush's monetary policies. Bush intended this as a way to pump US exports and domestic manufacturing. But, the US is no longer a manufacturing economy. Our exports have not increased much at all, while our tastes for foreign automobiles and luxury goods are continuing to be fed by cheap credit.
Much of the increase in the cost of oil is a result of the dollar’s decrease in value. The Dollar has lost 38% to the Euro since 2002. If oil prices were 38% lower, our airlines would be in much better shape.
As is, I think employees and creditors are tapped out. There is not enough money to float Delta a lot longer. Sources like the spin off of ASA ( and its fleet of high cost 50 seat RJ’s ) just is not possible if Delta does not have a network to feed.