I certainly hope not. You can't build the strategy and schedules of a major airline around reaction to frenetic short-term jumps and slumps in the oil markets. In on Monday, pull out on Wednesday, resume service Friday? No. The straight dope is that oil prices are headed higher over the long term and the airlines have to assume energy costs will be a much higher percentage of their cost basis. That means sticking to your cutbacks and planning for a much more expensive future.

I would assume most people aren't storming back to buy V-8 SUVs on the strength of this week's oil price drops, either.

Also, don't forget the "oil run-up" didn't start from $116, it started from $60. Some of the majors' post-bankruptcy business projections were based on oil at $50 or so. So when crude prices decline 20 percent from $145 (a development that will take some time to depress the "pump price" of avgas), it's not party time... the airlines are only in marginally less horrible shape.