It’s earnings season, and I think it’s a safe bet that American’s $328 million loss is just a sign of things to come. Airlines are acting like animals heading into winter. They’re trying to store up as many nuts (cash) as they can in order to wait for the long winter (recession/oil prices) to pass.

American, not having slashed and burned its way through bankruptcy, is probably feeling the pressure more than most right now. It ended the first quarter with about $4.5 billion in unrestricted cash. You’d think that would be enough to last for awhile, but with oil touching $115 per barrel today, the money will disappear quickly. I think the headline from their press release says it all:

“AMR Corporation Reports a First Quarter 2008 Net Loss of $328 Million as Record Fuel Prices Drove $665 Million in Added Cost Compared to a Year Ago”

These are just huge numbers we’re talking about here. And oil prices (at least in dollars) have only continued to climb.

American is apparently concerned enough about this that the company has announced plans to sell its asset-management subsidiary for about $480 million, most of which will come in the form of cash. Might as well shore up that cash balance now, because if fuel continues at these levels and fares don’t rise substantially, this is going to be one long winter indeed.