Smaller airline industry's impact on your wallet

Remember TWA and Northwest Airlines? They've disappeared, thanks to the mergers in the airline industry, and even more consolidation may be coming.

We used to have six major legacy carriers: US Airways, American, United, Continental, Northwest, Delta. Now, as CBS News travel editor Peter Greenberg says, we're down to four -- and maybe down to three, because American Airlines is in play.

"The real problem is everybody's consolidating, and they're all claiming the reason they're doing that is so they can remain solvent. Maybe you shouldn't be flying," Greenberg said.

With fewer and fewer airlines, there are fewer and fewer seats, going to fewer and fewer locations.

"What you have is a combination of shrinking capacity and service that's either diminished or non-existent," Greenberg said.

To see what this means for smaller cities nationwide who are losing service, click on Greenberg's full report in the video player above.