This report is not true. Anyone that has flown recently knows that flights are packed, 72 hour upgrades are not happening, and it is only going to get more profitable as oil is expected to reach $25 a barrel.
Oil is less than $40 and he is still talking about fuel hedging. But I guess the thinking is that oil can only go up from here.
Lowering capacity by 9%? That will mean more fully-booked flights in 2009.
My flight on Monday from HNL - SEA had many people not clear the waitlist.
Many golds left on the F upgrade list since F was full over 72 hours out.