So, when fuel prices were sky-high, the airlines complained about pressure on price and profit, they got rid of meals and made us pay for blankets and pillows, and they added fuel surcharges. They were not profitable.
So now fuel is less than half of what it was, prices have been much slower to fall, and...yet again...they are not profitable. So what does this tell you?
We have too many airlines. There is too much supply in this market and someone has to go. They keep merging with each other, but I don't think that helps the supply issue, as they rarely merge with another airline in which they heavily compete on routes.
I don't own any airline stock, and I don't recommend you do either. Well, maybe Southwest....