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U.S. markets recover from steep losses
FORT WORTH, Texas, May 21 (UPI) -- Recently rising oil prices do not make sense from a supply and demand point of view, two U.S. airline executives said.
Gerald Arpey, chief executive officer of American Airlines, told a news conference after the airline's annual shareholder meeting, he did not understand the price of oil jumping to nearly $150 a barrel last summer. "And I can't imagine in a global recession the circumstances that would drive oil to those levels again," he said.
Southwest Airline's CEO Gary Kelly reiterated a complaint heard often a year ago. With oil prices rising 25 percent in the last month, in spite of a 7.6 percent drop in demand compared to a year ago, Kelly said investors were "looking to commodities as an inflation hedge," USA Today reported Thursday.
Oil prices briefly peaked above $62 per barrel this week, the highest level since November.
Prices at the pump have also gone up, with the national average price gaining 30 cents per gallon compared to a month ago, AAA said.
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