At the beginning of the year, this publication laid out reasons why airfares may not follow dropping fuel costs. Nine months on, it's clear they have, but it's not all because of oil prices.

Demand growth this year isn't as robust as expected, dragged down by sharply reduced volumes from the energy sector. There's been some pick-up in overall capacity led by increases at Alaska, JetBlue, Southwest and Spirit Airlines. More seats to sell can mean . . .

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