While record oil prices are making some investors rich, the airline industry is facing, perhaps, the worst economic times since planes stopped flying altogether in the days following the 2001 terror attacks.
"We're just trying to stay afloat," says Mary Frances Fagan, a spokeswoman for American Airlines in Chicago. "We're just trying to pay for oil."
In 2003, she says, American Airlines paid about $3 billion for fuel. This year, the price could exceed $10 billion.
The stock price of parent company AMR is taking a beating, falling 24% on Wednesday to 6.22 cents a share. That's down more than 78% compared with a year ago.
CEO Gerard Arpey says American will slash the number of flights it offers by up to 12 percent later this year, and could lay off "thousands" of employees.
He's also taking an unprecedented step of forcing average travellers to fell the pain by charging $15 to check a bag, starting with tickets purchased on June 15.
Other airlines have already announced a $25 fee for checking a second bag.
The only way to avoid the fees is to fly more often or leave the country.
Seriously.
International travellers don't have to pay the additional charges.
Not all passengers have to pay the new fees American and others are charging for normally free services.
Some who fly as little as seven round trips a year can qualify as "elite."
Essentially, you have to fly at least 25,000 miles or 30 segments (a take off and landing counts as one segment).
On American, that gives you Gold status.
Not only can you check two bags for free, you get to use the first class check-in lines and first class security lines in busy airports including Los Angeles, Chicago, Dallas and St. Louis, even if you're not flying in first class.
So take another vacation, and leave your baggage at home.
Chances are you won't have as many flights available in coming months, except in the largest cities.

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