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Fri May 6, 2011
AP: Rising jet fuel prices motivate buyouts at Delta
Delta Air Lines is planning to offer "voluntary early retirements and buyouts" to its workers.
The reason? Rising jet fuel prices.
From the Associated Press:
Delta Air Lines Inc. says it will offer voluntary early retirements and buyouts to its employees because it must shrink to cope with high jet fuel prices.
Delta CEO Richard Anderson said on a hot line message to workers on Friday that the world's second-largest airline will cut flying by at least 4 percent starting in September.
He said Delta needs to cut costs, such as labor, that go along with less flying. Anderson says Delta needs to think of high fuel prices as a permanent reality for its business.
Oil prices dropped sharply on Thursday, but Anderson says they're still far from a level that would have been considered normal by historical standards.
The average gas price--the kind you put in your car--remains high, at $4.239 according to AAA's Daily Fuel Gauge Report.
-Brian Short, Michigan Radio Newsroom