Like Zoom, XL cited the high price of oil as one of the main reasons for its collapse and Willie Walsh, chief executive of BA, said today that there are likely to be many more casualties of costly fuel and the economic slowdown this year.Still think that the recent dip in oil prices is the a panacea?
Mr Walsh, who yesterday told staff that BA is cutting 1,400 senior management jobs to save £170 million, said today that there were a lot of “weak” airlines struggling to remain in business.
He said: “This is a difficult trading environment and some of the airlines that we have become used to will not survive.”
In reality, its a temporary correction on an otherwise upward course. Evidence of that will soon start coming in by October.
Heinberg has an interesting discussion up at the Post Carbon Institute website about this.