The sharp rise in benchmark oil prices since January has been weighing on airline stocks as fuel costs account for almost one quarter of total operating expenses. Passenger and Air Cargo Demand Remains Strong In recent months, investors have been optimistic on Atlas Air (NASDAQ: AAWW) and Allegiant Travel Company (NASDAQ: ALGT) despite concerns of spiking inflation, supply chain disruptions, and imminent impact of Russia-Ukraine war on the global economy. Atlas Air provides leased aircraft & aviation operating services and Allegiant Travel Company is a passenger carrier that focuses on under-served U.S. cities.