Oil drops to $114 a barrel, brings some relief to airlines

08/13/2008 | Wall Street Journal, The · MarketWatch

Oil dropped to $114.25 a barrel Tuesday, days after a Morgan Stanley analyst predicted airlines could return to profitability at $115 a barrel. Many analysts are not as optimistic. Henry Harteveldt, vice president of Forrester Research, notes that even though oil prices have come down recently, they are still up more than 50% from a year ago. He does not expect new airline surcharges and fees to go away, and says that passengers will see capacity cuts that were previously announced go into effect after the Labor Day holiday.

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