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7,000 Jobs Lost To Rising Cost Of Oil

Published 07/07/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

Oil dependence will cost 7,000 more American Airline employees their jobs by the end of 2008, according to CNN Money.com.

Until an alternative to our addiction is found, Americans will remain a slave to oil, suffering the consequences of job losses and a shrinking wallet. Offshore and ANWR drilling may not solely be the answer to this problem, while renewable and green resources are not entirely the answer either. It is imperative, however, that our politicians stop bickering amongst themselves and pointing their fingers at each in other in blame. Instead they should represent the best interest of this nation and work together to find a solution that decreases and alleviates our need for oil.

Source CNN Money:

American Airlines said on Thursday that it plans to cut nearly 7,000 full-time employees, or 8% of its total staff, by the end of 2008.

…

Airlines are getting badly squeezed by fuel prices. Southwest Airlines (LUV, Fortune 500) is an exception. The airline has remained profitable because it successfully hedged fuel costs to avoid the high prices. The Air Transport Association expects fuel expenses to total $61.2 billion this year, compared to $41.2 billion in 2007.

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