The CEO of American Airlines is forecasting increased ticket fees should oil prices continue remain high, Reuters reported Sunday.
“If it becomes clear this is the new normal you would see over time less capacity and growth in the industry and therefore higher prices, but I don’t think that’s going to happen in the near term,” said American Airlines CEO Doug Parker, according to the news service.
Parker’s remarks come after prices for U.S. oil last month hit their highest mark in four years, The Wall Street Journal reported. Oil reached $70 per gallon in May for the first time since 2014.
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