What's going on?

Well, I think what we're seeing, Holly, aligns with how the airline industry has worked historically.

This is an industry that is particularly vulnerable to economic shifts, primarily because their costs are pretty inflexible.

They have a labor force that is often under collective bargaining agreements.

Then from there, they're dealing with the demand that shifts for a variety of reasons, be it an economic downturn, an epidemic, or international conflict, so it's hard for the industry to pivot quickly when these things occur.

In the short term, things such as adjusting fares and fees may occur, but customers have to be able to tolerate it.

If they need to make long-term adjustments to what's going on within their operations, airlines may consider mergers or acquisitions.

What has that meant for competition, and what has it meant for passengers?