Is Tourism Dying?

(Newser) - The government is pumping 60,000 barrels of oil a day into a “rainy day” reserve, but with oil prices at a record high, many argue that it’s already raining. That includes the presidential candidates, all of whom want to at least stop adding to the Strategic Petroleum Reserve—and Hillary Clinton wants to release some of it. But President Bush maintains that the reserve is untouchable. More »

(Newser) - Staggering fuel prices overwhelmed a 12% sales increase and pushed Delta Air Lines to a $274-million loss in the first quarter, which ballooned to $6.39 billion on a $6.1-billion non-cash charge reflecting a decline in its market value. Excluding special items—including the bankruptcy-related charge—the airline lost 69 cents a share; analysts had expected 49 cents a share, the Wall Street Journal reports. More »

(Newser) - Stocks fell today as oil prices soared and the flow of disappointing earning reports continued. Texas Instruments and UnitedHealth were both hit hard. "We're likely to see stocks continuing to be under pressure," one researcher told Bloomberg. The Dow was down 104.79 to 12,720.23, the Nasdaq 31.10 to 2,376.94, and the S&P 500 12.23 to 1,375.94. More »

(Newser) - American Airlines is tired of taking the heat for 2,000 flight cancellations that travelers endured last week, the New York Times reports. The once-contrite company is now criticizing the FAA, saying its new safety guidelines are unclear and unfair. “We don’t know what the rules are,” said an American technical crew chief. The company says its safety issues were minor deviations from technical standards that had been considered acceptable for years, and could have been fixed gradually. More »

(Newser) - Today Washington vowed to beef up airplane inspections and demanded to know why American Airlines stranded 250,000 travelers last week, the AP reports. "No one at all was well served by what happened," US Transportation Secretary Mary Peters said. But she defended federal regulators, saying they did not overreact after learning of lax inspections on Southwest Airlines planes last month. More »

(Newser) - Air travel is the slowest it's been in the past 20 years, thanks to increased congestion both on the runway and in the air. A flight from Las Vegas to New York took 4 hours, 37 minutes in 1988, but that same route now requires over 6 hours, reports USA Today. And don't expect things to improve any time soon. More »

(Newser) - The Bay Area is used to being on the cutting edge, but becoming the first to pay $4 for a gallon of gas is a milestone San Francisco could do without, the Chronicle reports. Prices are expected to nudge past the mark next week—but many Bay Area residents have already fled their cars to dodge ever-growing fuel costs. More »

(Newser) - Passengers who get bumped off overbooked flights will be eligible for up to $800 for their inconvenience, the Los Angeles Times reports. The US Department of Transportation today doubled the amount passengers can receive, with the exact figure depending upon the ticket price and how long it takes passengers to reach their intended destination. The rule goes into effect next month. More »