GSP Flyer,

Another point to consider when talking about the difference between Cdn and USA airlines is the economics of the industry.

1) The US industry has been dealing with multiple airlines pricing for immediate cash inorder to meet their CH11 obligations. This has not been the Cdn situation for about 1.5 years. Both of airlines are pricing for a profitable and sustainable future. Airfares in the USA will go up once DL and NW get out of bankruptcy and must start planning for profit again.

2) The USA has one airline that should get out of the airline business and become an energy trading company. LUV stock should not be in the transport sector but in the financial services sector, IMHO. The airline loses money and the hedging program is responsible for 150% of the profits.

3) The LUV hedge is comming off in a hurry and WN is under pressure to get prices up because there are no more sweet hedges to get the effective price down to $35/BBL.