For every reason people give for a pilot shortage looming on the horizon, there's reason it won't happen. Someone says the pilots from the regionals will move on to the majors creating a shortage. With oil climbing again, the majors may park some of their RJs in favor of a 737 running once a day instead of an RJ running three times a day to DSM or some of the smaller markets. Look at Comair as an example. Delta is reducing their regional feed by quite a bit. If the regional feed was staying the same, you might have an argument for a shortage. It's shrinking, though. If 9E goes into bankruptcy and Delta has the chance to, they'll park more 50 seaters. For every airplane parked, on average, you can assume 6 pilot jobs gone. That's at Pinnacle's low ball staffing of 3 crews per airplane. At places that are properly staffed, it would be 10 pilot jobs for each aircraft. So, let's stick with Comair as an example. According to APC, they have about 77 airframes flying now which are being reduced to 44. That's a loss of 33 planes, or (at their staffing) about 330 jobs. To put that in perspective, that's not much fewer than the furloughs announced for AMR in the bankruptcy. So, you're looking at a loss of 730 jobs just between Comair's reduction and AMR's furloughs. Toss the Eagle ones recently announced on there, and you're around 780 jobs lost. Not maintained. Not grown. Lost. Now, almost every one of those guys would qualify for an FO job at a major. So, there's no job growth at all for the regionals since those guys are either a) going to back fill some of the major jobs vacated by retirements or b) fill jobs at the regional level left by guys moving on. This is, of course, assuming there's justice in the world.
Now, some say there will be a pilot shortage because the majors have airplanes on order. Most of those are to replace older airframes, so you're looking at null growth there. Even jetBlue is rumored to be replacing some of the their older airplanes with the new, more efficient A320NEOs. This is all due to the cost of oil. If it keeps creeping up or stay high, it will stagnate growth at the major level, and likely continue the reverse trend at the regional level.
I've been hearing the pilot shortage is just around the corner for well over 10 years. If any of what I've heard were true, I'd be half way up the FO list at a major by now. AMR bankruptcy, Delta's not hiring and might not for a while, despite retirements. Even then, there will be flow throughs from Compass and 9E to fill some of those spots for a while. 9E, if we can't get our act together, will file bankruptcy, shrink and won't hire for a while. If CAL's scope holds out, that will put a hurt on Skywest, GoJet, Republic and Mesa. You'll see larger airplanes on those -700 routes with less frequency. The route structure will shift, but we'll see little (if any) growth with a shrinkage at the regional level. ASA/XJT look like they'll be okay. Same goes with PSA and the US Airways side of Mesa.
For those that buy into the "there's a shortage around the corner." Go ahead. It's been around for well over a decade, and the only people that have made out are the marketing people at the academies selling the snake oil.