Airlines Big Picture

Jet Fuel is still too higher relative to Airfare.
Borrowing costs for a very capital-intensive industry have risen significantly relative to 2019.
The cost of labor has also risen with pilot shortages.
Passenger loads have only now returned to pre covid 19 levels.
Lastly, number of shares outstanding has risen significantly as well.

In my view, airfare has to rise much more than pre covid levels. Though there are some long-term buys I like.