Continental boss predicts slump
11.05.08
Continental Airlines is bracing for a slump in demand for flights because of the high price of oil, the company's chairman and chief executive said in an interview. Larry Kellner said high fuel prices will force a slowdown. He said: ‘As the cost goes up, we'll see demand go down.'
While there will always be air travel even with high prices, Mr Kellner said, the industry will have to adjust to a new norm. Airlines had to adjust when oil topped $80 and then $100, the Continental chief said. Now it's blown through $120.
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