American Airlines has been one of the most aggressive in restoring its schedule. As Senior Vice President Vasu Raja has explained, with the federal government picking up payroll costs through September, at $35 oil their break-even load factor is 25%. So they added a bunch of flights to the schedule, restoring 55% of 2019’s capacity.
A month and a half ago I said to expect that travel wouldn’t rebound as quickly as some expected. Even at low break-even levels American is finding they need to scale back their flying again.