Posted AT 7:55 PM EST on 30/06/08
Oil costs will kill bargain airlines, Milton says
MONTREAL — Passengers are witnessing the end of an era of cheap airfares as record-high oil prices erode travel demand and reshape the world's airline industry, says Robert Milton, chief executive officer of Air Canada's parent company.
Discount carriers are suffering more than most, but all airlines are feeling the heat from oil prices that have surged beyond $140 (U.S.) a barrel, Mr. Milton said yesterday after ACE Aviation Holdings Inc.
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