Oil and fuel was down maybe 40% vs Sep quarter 2008. Look at the commodity charts.For Dec 2009 quarter, oil and fuel should be flat vs year ago. In Mar quarter 2010, oil and fuel costs should be significantly higher than year ago, and AIRM should have higher fuel costs all year in 2010.Therefore, they won't have the fuel tailwind to boost earnings going foward, only rate increases, fleet renewal's lower maintenance costs.
you forgot about normal driving habits which depressed the rate of accidents while being below normal
Listen to the C/C. They have hedged their fuel usage cost for virtually all of 2010. Their fuel cost risk is now fixed.