Fuel costs slashed airlines' '79 profits

Soaring fuel costs offset a 12 percent traffic gain in 1979 and led to an $ 800 million decline in airline earnings -- the sharpest one-year drop in the industry's history, the Air Transport Association reports. Fuel costs in 1979 rose 100 percent, from 40 cents to 80 cents a gallon.

Since 1973, airlines have improved their fuel efficiency 43 percent, but fuel costs have rocketed 667 percent.

The $6.5 billion airline industry fuel bill in 1979 was up $2.5 billion over 1978. The bill is expected to hit $10 billion in 1980.

You've read  of  free articles. Subscribe to continue.
QR Code to Fuel costs slashed airlines' '79 profits
Read this article in
QR Code to Subscription page
Start your subscription today