United Airlines (NASDAQ:UAL) plans to reduce scheduled capacity by about 5% in the second and third quarters due to rising fuel costs. The airline's CEO, Scott Kirby, stated that if oil prices continue to exceed $175/barrel, United Airlines could see its annual fuel expenses surge by roughly $11 billion, more than double the profit it generated in its best year. Jet fuel prices have nearly doubled since late February, creating what industry executives describe as a new phase of fuel shock. Despite the increased costs, travel demand remains high.