Why The Oil Price Crash Won't Save Airlines

Under any other circumstances, air carriers would be happily popping champagne corks after the latest massive oil price slump. After all, fuel typically accounts for up to 20% of an airline’s operating expenses. Crude oil prices plunged below $30 a barrel early on Monday as the coronavirus pandemic continued to spread fear and panic in global financial markets.  Yet, this time around, carriers have little to celebrate as many had locked in at far higher fuel prices, not to mention the ongoing drastic drop in air travel demand which has…