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Macleans.ca

Canada’s magazine

$675 million

By my reckoning that’s roughly how much Air Canada has saved in fuel costs since oil started it’s downward spiral a couple of weeks ago. Last month when crude was marching higher, and the airline sought to justify its decision to layoff 2,000 workers and cut capacity, the company said every one dollar increase in the price of oil added $26 million to its fuel bill. At the time the company estimated its fuel bill would be an extra $1 billion in 2008.