The Oneworld alliance faces immense challenges on three continents, writes Doug Cameron, Chicago bureau chief for Dow Jones Newswires. American Airlines and British Airways are seeking parity with other global alliances that coordinate schedules and fares across the Atlantic, while American simultaneously is fighting to maintain the loyalty of Japan Air Lines, Oneworld's dominant Asian carrier. With other alliances already enjoying antitrust immunity -- and seeking immunity on additional routes -- "Oneworld needs to join the party, even if it's one where the drink is running low," Cameron writes.

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