What is the state of the airline industry?
Very tenuous. I think the business cycle this decade has been very difficult for our industry. You know, finally in 2006 and 2007, you were seeing some profit reports by various airlines. Two emerged from bankruptcy in 2007. It looks like those profits may be short-lived. … I think the industry is very unprepared for a slowdown in the economy, especially given the high energy prices. The industry is not well-hedged, and the balance sheets are in terrible shape. The cost structures, for the most part, are still very high, even after bankruptcy. So it’ll be an interesting 2008. What shape is Southwest in going into a possible slow period and the high fuel prices? I feel that we’re as prepared now as we ever have been. We’ve got a great fuel hedge this year. It’s not quite as good next year, but it’s still very good and certainly provides us tremendous protection. We’re 70 percent hedged next year at about $50 a barrel. And this year, it was over 90 percent at $50 a barrel. So we just d
