Despite high oil prices, a merging of Northwest Airlines and Delta Air Lines makes more sense than ever, the companies' CEOs explain in a letter to The Wall Street Journal. One-time costs of less than $750 million will be more than offset by $1 billion in synergies each year, they write. And those synergies only increase if the price of oil remains high, because the combined airline can more easily cut capacity when it has a larger international network it can fall back on.

Related Summaries