With all due respect the evidence doesn't appear to back this up. Witness the huge upwards push of most world-wide airlines share prices since the sea change regarding the price of oil a year ago. Airlines, globally haven't been this profitable for many, many years. About time some of them turned a dollar. Interestingly AIR returned a 15% return on invested capital last year when oil was over $100 barrel on average. Augers well for future profits doesn't it !!