But when oil was cheap there were airlines going under.
beachbumflyer, the Northwest and Continental CEO's have both said that despite the economic slowdown demand is still strong, but they are unable to cope with the high oil prices. Aloha survived many recessions, 9/11 and even the two oil crises in the 70's but 2008 is killing them.
JetBlue is selling A320's, with clear language from the CEO:
http://www.businessweek.com/ap/finan.../D8VQL7R80.htm
"We're pretty much at the mercy of the cost of energy into an aircraft," JetBlue Airways Corp. Chief Executive David Barger told an aviation conference at the U.S. Chamber of Commerce.