Still a bumpy ride

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: concern.

Mr Bisignani does, however, believe that some good may come from the crisis. His main hope is that it will speed up the “normalisation” of the industry through consolidation. For this to happen, however, the obstacles that prevent airlines in one country taking over those in another will have to go, as they have in the European Union.

Until they do, expect more moves of the sort taken last week by American Airlines, British Airways (BA) and its proposed merger partner, Iberia. On August 14th three airlines said they were applying to the American government for antitrust immunity, to allow them to co-operate on flights across the Atlantic. In the past, similar requests have foundered on demands by competition authorities that the petitioning airlines surrender valuable take-off and landing slots, particularly at London’s Heathrow. But the three firms hope that the turmoil in the industry, and the “open skies” agreement between America and Europe that came into force in March, will make regulators more sympathetic.

If they are, the resulting alliance could be the prelude to the emergence of truly global mega-airlines. Some doubt whether these are the answer to the industry’s chronic instability. But if the drop in the price of oil is not sustained, that idea may be tested sooner rather than later.