Word: fueled
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...industry is being hit harder by gushing crude prices than the airlines. Loaded with debt after a string of mergers, takeovers and multibillion-dollar orders for new aircraft, U.S. carriers are reeling under the one-two punch of explosive fuel costs and a recessionary slowdown in air travel. Says Stephen Wolf, head of United Airlines: "Fourth-quarter projections for the industry are nothing short of alarming...
...Fuel prices have run up faster than ever before. After Iraq invaded Kuwait, jet-fuel prices more than doubled, to $1.46 per gal., before settling last week at $1.04. The U.S. airline industry consumes at least 15 billion gallons of jet fuel annually, which means that every 1 cents increase in fuel prices will increase total operating costs by $150 million. The results are devastating. U.S. carriers expect to lose $1.2 billion during the October to December period alone, more than the industry has ever lost in an entire year. Aiming to ride out the crisis, airlines are slashing costs...
Travelers will ultimately suffer from the cutbacks. Some carriers have eliminated flights on their least profitable routes and tightened up on such passenger perks as frequent-flyer programs. To pass along some of the higher fuel expenses, airlines have boosted fares three times since August, by a total of 15.3%. They are likely to do so again in the coming weeks, despite fears that higher fares will drive away the customers. Making matters worse, the government has just slapped the industry with $18.6 billion in airline- ticket taxes and other special levies during the next five years as part...
...while the foreign business of American carriers has grown 17%. But the airlines are watching a relatively slow year turn into a disaster. The financial outlook: "Stinko," declares Robert Crandall, chief of American Airlines, one of the healthiest carriers. Michael Durham, the airline's chief financial officer, blames the fuel jolt as the No. 1 problem. "There's very little you can do when a commodity that represents 15% to 20% of your total operating costs goes up by almost 100%. It's a very difficult time to make money...
...prices. Since September, Eastern has managed to fill some empty seats by offering free upgrades to first class, but that is not enough to steer it out of bankruptcy. Besides losses of $1 million a day, the carrier has been socked lately with an additional $1 million in daily fuel costs...