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Even The Airlines Are Ignoring The "Oil Is Good" Narrative

Yesterday we highlighted the 'odd' behavior of the Airlines - cutting jobs to cut costs (but but but low fuel prices?) and seeing traffic and revenue per seat drop (but but but gas 'tax cut' spending?). It appears 2015 has heralded a broad realization that perhaps - just perhaps - the narrative of "low oil is unambiguously good" is not correct...

 

 

So good news is bad news? Or are low oil prices symptomatic of another problem and 'efficient stock markets' are finally getting it?