John Heimlich, chief economist at the Air Transport Assn., is forecasting that U.S. passenger and cargo carriers will post a collective profit of $5 billion this year, the industry’s best showing since 1999. The bad news is that oil closed above $80 a barrel for the first time last week, placing new pressure on carriers to cut costs and increase revenues to avoid slipping back into red ink. The airline industry has adapted remarkably well to a surge in oil prices that won’t let up. ...

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