With the price of energy soaring – oil passed $100 per barrel on Tuesday – long-haul truckers are hurting, but hybrid manufacturers are smiling. Californians feel the pinch at the pump while Midwesterners, closer to large fuel inventories, wonder what all the fuss is about. With gasoline now at $3.37 per gallon – 20 cents higher than last week, and rising daily – who is profiting from higher prices and who is not?
The airline industry expects about 20,000 fewer people per day to fly this holiday period – not good news for an ailing industry already hurting from volatile fuel costs.
US airlines, profitable again after a disastrous decade, are spending almost $2 billion to upgrade amenities for their highest-paying customers. "There is a war going on for the profitable passenger," says one analyst.
Airline stocks fell Monday, led by bankruptcy speculation for troubled American Airlines. American shares tumbled 33 percent, while airline stocks generally dropped 9.8 percent.
A Russian plane crash killed 44 of 52 aboard a Tu-134 today. While the age of the plane was questioned, some experts also point to need for better training and maintenance at smaller carriers.
The Dow fell about 61 points, with a weak performance by banks and energy
Stock market slide led by airlines and banks. Friday's dismal job report and other evidence of a weak economy are weighing on stock market sentiment.
The Iceland eruption of the Grímsvötn volcano Saturday was far larger than than last year's Eyjafjallajökull eruption, but scientists say it is unlikely to disrupt Europe as much.