I'm not very optimistic about the United States from the political perspective. If the U.S. got its political act together, it has a lot of natural a… - Robert Crandall

Fuel is a basic part of the business. Everybody basically pays the same price for fuel. It is a matter of how appropriately you trade off capital costs against operating costs. New airplanes burn less fuel but they take more capital.

The business market has always been price sensitive, within itself. The airline business has been bitterly competitive for many, many years. The consequence is that yes, business travel is not as price sensitive as leisure travel, but when you are trying to sell business travel to the companies that they work for, it's a very competitive business. So, certainly, business traveller is price sensitive. It's just price sensitive in a different way. Not in the absolute sense that the leisure business is very price sensitive in any case.

This whole business of trying to get costs down to a competitive level has always been difficult and it will be increasingly difficult, I think, as the market changes in the way that we've discussed. I think labour cost, particularly, which has always been the sticky wicket in the major carriers, and the people who run the major carriers, and the people who work for the major carriers are going to have to be realistic.