Word: fueled
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Dates: during 1970-1979
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Some of Chrysler's deficits result from the high cost of meeting clean air standards and fuel efficiency requirements. But it was the gas shortages of last spring that triggered Chrysler's ruinous 1979 sales slump (indeed, recently Ford and General Motors have also been losing money on their U.S. operations). Yet the fundamental problem has been poor management; Chrysler has consistently failed to come up with enough models that sell well, and its share of the U.S. auto market has slumped from 14% three years ago to 11% now. The firm's total indebtedness, including that...
More ferment in fuel...
...profits tax bills will soon go to a conference committee; compromise legislation to form the Energy Mobilization Board is on the verge of being worked out; and the Senate now seems ready to approve the creation of the Energy Security Corporation, which is to spur the building of synthetic-fuel plants...
...seats can be difficult to get because more and more passengers are paying the premium rates to avoid the crowding and hassle of cabin class. But despite this booming business and a 32% increase in basic fares, the airlines are encountering profit problems, chiefly as a result of higher fuel prices. Says Marvin Cohen, chairman of the CAB: "Fuel has been a real bitch...
...fuel, which cost 25? per gal. in 1970, is now 70? and rising fast; today fuel accounts for about 30% of an airline's operating costs, up from 16% only two years ago. Having earned more than $1 billion in the first nine months of 1978, the industry cleared only $580 million in the same period this year, and all carriers are scrambling to cut costs. TWA has laid off 2,500 employees; and United, which was grounded by a long strike last spring and is now being hurt by passengers cashing in and flying on half-fare coupons...