Only a few years ago, airlines were betting on high oil prices for the foreseeable future, and they leveraged cheap capital to purchase record numbers of jetliners. Then oil prices fell in 2014 because American shale producers oversupplied markets. The Saudis responded by increasing production to drive these upstarts out of business. Oil prices plunged even further to $30 per barrel—well below the $60-80 breakeven for U.S. shale—and heavily leveraged “frackers” posted ...

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