Fuel.(Editor's Note)

We were surprised last month to hear the response from one air cargo airline executive to the rising jet fuel prices that are hitting air carriers around the globe.

The airlines certainly are being affected, said this official, who will remain nameless, but they also are insulated from a true direct impact because fuel surcharges largely are covering the increases. The real concern for this executive was the braking effect higher fuel and gasoline prices have on the broader world economy.

Unfortunately, we don't think the airlines are quite that insulated from the impact of jet fuel price increases.

Yes, a slowdown in the world economy is a concern, …