Kuala Lampur, Sept. 24 -- For weeks, a government-appointed review of AirAsia's finances has raised one question: will the government eventually be asked to bail it out? AirAsia CEO Tony Fernandes has pushed back, saying AirAsia does not need a bailout and can sort out its financing privately.

As a taxpayer, that is reassuring. But it does not settle the issue.

If everything is under control, why is the government preparing for the possibility that it is not?

The stress is real

AirAsia may insist that it does not need rescuing, but there are clear signs that the airline is under financial pressure.

AirAsia's current problems did not appear overnight. Fuel prices have certainly hurt. The airline said average jet fuel prices reached US...