Word: aerophobia
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Dates: during 1990-1999
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Whatever its motives, Fort Worth-based American could profit handsomely from an industry shake-out. Staggered by the recession, constant fare fights and a global epidemic of aerophobia growing out of last year's Persian Gulf conflict, U.S. airlines have lost more than $6 billion since 1990. American has been no exception: its parent company, AMR, has lost a combined $279 million in the past two years. All that has led Crandall to predict that the number of major carriers will continue to shrink. Says he: "I think there is probably some consolidation left to happen...
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