American will have a tough time in 2006, it all depends where the price of oil goes.

You have an entirely different industry with oil below $50 a barrel and with oil above $60.

Every other carrier that competed with them picked up the pace. They profoundly misunderstood the competitive response. They were doomed from day one.

It was always a bad concept and never made sense. None of the big carriers would give up seat capacity. They matched them on every route. Even with their own bankruptcy problems, all three major airlines had more financial resources than tiny Independence.

The whole oil and gas industry in Russia is strongly undervalued and will stay so for quite a long time. The Russian companies are much cheaper based on reserves.

Releasing an equivalent amount of oil from the reserve for a short period of time will help keep fuel supplies adequate, not just for the Gulf Coast area, but for all the United States.