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" ... Additionally, United, like its rivals, has made it clear that demand has picked up in the last four weeks almost entirely because leisure travelers seem to be itching to fly and go places after a year of cloistering from the pandemic. Unfortunately for the carriers and their investors, serving leisure travelers is an extraordinarily bad business for most airlines because leisure fares are so low that airlines can go broke quickly – and historically many have done so – by flying lots of planes loaded to the gills by low fare-paying leisure travelers. If the average fare price paid per passenger mile flown is below the average cost of flying one passenger one mile, that difference simply cannot be made up by flying more passengers at below cost prices. ... "