Delta says higher airfares expected to last despite drop in oil prices

Company reports $1.4bn profit despite its highest quarterly fuel expense in history Delta Airlines saidelevated airfares are likely to last despite a recent drop in oil prices, reporting strong appetite for travel and record-high revenue in its quarterly results Friday. Though the company had its highest quarterly fuel expense in its history, demand has been high enough to pass along 60% of its extra fuel costs to consumers, Delta’s CEO, Ed Bastian, told CNBC, with plans to eventually pass along all elevated costs. “The demand for air travel is really strong, and as a result of that, we posted a $1.4bn profit,” Bastian told CNBC. Airlines across the board have had to pass on elevated fuel costs to customers or cut routes this year as the war in the Middle East drove oil prices up. While some Americans have been forced to cut or adjust their travel plans amid the higher fares, others appear unwilling to sacrifice their travel plans. AAA estimated that a record-high number of Americans drove or flew for their Independence Day holiday plans, despite high gas prices. Bastian said that he estimated that 60% of the airline industry’s profits this quarter would be coming from Delta, which