American Airlines, United Airlines and Southwest Airlines are reducing or slowing capacity growth as surging jet fuel prices pressure profitability. Executives outlined the plans in quick succession at a Morgan Stanley conference on September 16. American Airlines CFO Devon May said fourth-quarter fuel prices were roughly $1 per gallon, approximately ¥160, above July assumptions, adding about $1 billion, or approximately ¥160 billion, to costs. CEO Robert Isom said further operational adjustments would be necessary if prices remain elevated. United Airlines CFO Michael Leskinen said the carrier was canceling some December flights and could make additional changes from the first quarter of next year through 2027 and beyond. Southwest Airlines has cut its planned 2026 seat-capacity growth of 2% to 3% by roughly half. Demand has remained resilient despite fare increases, helping the airlines offset much of the fuel shock, but further price gains are forcing reviews of low-margin routes. American has lowered its full-year earnings guidance twice this year, while United expects third-quarter adjusted earnings per share of $2.50 to $3.50, approximately ¥390 to ¥550. Brent crude is up roughly 70% year to date, with Russia-Ukraine developments and Middle East supply risks adding to energy-market pressure.