I do not doubt that the airlines could develop the capability to raise the price on a flight simply because I have checked it out multiple times if they wanted to. What I doubt is that they want to; it would be a very short sighted strategy.
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You're seeing shapes in the clouds.
Based on the inflation calculator I used, the $600 flight it takes for me to get to Cancun would be a bit under $400 in 1998 dollars. I remember airfares being under $200 then.
And I remember paying $625 in 1996 out of Seattle.
I just booked my next flight from CZM to MSP for $245 - AeroMexico serviced by DeltaSun country is down to $265 now while AA went back to +$500 on 7 days trips on Tuesdays in July.