economy
Kevin Hassett: Energy shocks will "affect profits for the airlines for the next quarter or so"
White House National Economic Council Director Kevin Hassett told "Face the Nation with Margaret Brennan" that although Spirit Airlines said rising fuel prices had contributed to its demise, "energy shocks don't have a big effect" on other airlines' business. But he acknowledged that "certainly, that will affect the profits for the airlines for a quarter or so."
TL;DR
- Kevin Hassett, White House National Economic Council Director, discussed the impact of rising fuel prices on airlines.
- Spirit Airlines cited rising fuel prices as a factor in its challenges.
- Hassett stated that energy shocks do not have a significant effect on most airlines' business.
- He acknowledged that profits for airlines might be affected for about a quarter due to energy shocks.