Alaska Air sinks 14% on record-high crude prices

Alaska Air Group Inc. (NYSE:ALK) is down 14% to a 52-week low as higher crude prices drag down the airline industry. Crude oil reached a record high at $147 per barrel today on concerns of Middle East hostility and threats on Nigerian oil facilities. The airline sector as a whole has been hit hard by rising gas prices and is down about 3.8% for the day. Seattle-based Alaska Air is down more than 54% since January. In today’s trading, the company is at $11.67 at 11:45 p.m. ET, down $1.93 from Thursday’s close. After the today’s open, shares fell to $11.31, a 52-week low for the company.

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