Today's near-record energy prices will overwhelm a "gradually improving" airline revenue picture and create a liquidity challenge for some struggling US airlines, according to JP Morgan analyst Jamie Baker. In a report released Friday, Baker forecast that oil will remain at or above the $50-per-barrel mark for the rest of 2005 and fall only a few dollars to $47 per barrel in 2006. With most airlines lacking hedges, the result will be a significant cash drain and an approaching "liquidity ...

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