🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Biden administration launches broad inquiry into air travel competition market

Published 10/24/2024, 02:28 PM
Updated 10/24/2024, 08:40 PM
© Reuters. U.S. President Joe Biden delivers remarks at the New Hampshire Democratic Party Headquarters, in Concord, New Hampshire, U.S., October 22, 2024. REUTERS/Elizabeth Frantz/File Photo
JBLU
-
SAVE
-
AAL
-

By David Shepardson

WASHINGTON (Reuters) - The U.S. Justice Department's Antitrust Division and the Transportation Department said on Thursday they are launching a broad public inquiry into the state of competition in air travel.

U.S. President Joe Biden has made boosting airline competition a top priority and his administration has taken an aggressive approach to blocking consolidation efforts in the airline industry. USDOT last month opened a probe into the frequent flyer loyalty programs of major airlines and pressed them to adopt new customer service protections.

The Justice Department successfully sued to block JetBlue Airways (NASDAQ:JBLU)' planned $3.8 billion acquisition of ultra-low-cost carrier Spirit Airlines (NYSE:SAVE) and also went to court to force JetBlue to end its U.S. northeast partnership with American Airlines (NASDAQ:AAL).

The Transportation Department also insisted on significant concessions before it allowed Alaska Airlines to complete its acquisition of Hawaiian Airlines.

Airlines for America, a group representing major U.S. airlines, said the timing of the inquiry 12 days before the November election "suggests political motivations."

The group said there is "robust competition among carriers and U.S. air travel is at an all-time high and airfares in real terms are at historic lows.

The departments are seeking public comments by Dec. 23 on "consolidation, anticompetitive conduct and a wide range of issues affecting the availability and affordability of air travel options."

They sought details on previous airline mergers, exclusionary conduct, airport access, aircraft manufacturing, airline ticket sales, pricing and rewards practices and the experiences of aviation workers.

For decades, antitrust regulators approved a series of mergers that have resulted in four U.S. airlines - American, Delta Air Lines (NYSE:DAL), United Airlines and Southwest Airlines (NYSE:LUV) - controlling about 80% of the domestic passenger market.

© Reuters. U.S. President Joe Biden delivers remarks at the New Hampshire Democratic Party Headquarters, in Concord, New Hampshire, U.S., October 22, 2024. REUTERS/Elizabeth Frantz/File Photo

"Good service and fair prices depend on ensuring that there is real competition, which is especially challenging for the many American communities that have lost service amid airline consolidation," said Transportation Secretary Pete Buttigieg.

The Wall Street Journal reported this week Frontier Airlines is exploring a renewed bid for Spirit Airlines. If Spirit and Frontier reach a deal, it would likely happen as part of Spirit restructuring its debt and other liabilities in bankruptcy, the newspaper said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.