I once owned 60,000 shares of CAL and rode it from 9 to $37 right before the merger.
Now with the two large airlines merged together between CAL and UAL, this stock shall not be traded less than $45 at all. Just watch and learn. U.S. is digging and finding more oil of its own, the inventory is plentiful. OPEC says many times that oil over $75 is pure speculation in the last 3 years. Every country is looking for more cash. You can't count on the oil countries in the OPEC to follow the rule of not pumping too much oil to keep the price up when the U.S. starts importing less and less. I expect the price of oil re test $97.50 around October time frame. That is the time that you will see airline stocks soar even much higher.