So $110 oil has achieved what terrorism, SARS and the Iraq War could not: The failure of three airlines collectively representing around 1% of US domestic capacity. It is easy to forget that despite the horrendous financial losses, only one US scheduled passenger carrier of any consequence actually ceased operating after 9/11: Midway, which was already in Chapter 11 protection and going down for the third time when the planes struck. But within a matter of days this spring, Aloha, ATA and ...

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