Pan Am was once the largest international airline in the US—but it shut down in 1991 after a series of financial issues, beginning with increased operating costs and reduced demand driven by the oil crisis in the 1970s.

Budget airline Spirit announced its shutdown on May 2, 2026

After filing for bankruptcy twice, there were a multitude of reasons for the airline's shutdown, including an increase in jet fuel prices due to the conflict in Iran in the first half of 2026.

OPEC's 1973 embargo sparked the first global energy shock.

Soybean oil fraud almost decimated American Express in 1963

A New York commodities trader who had defrauded the American government over uninspected meat for school lunches, Anthony "Tino" De Angelis, used American Express warehouses to sell soybean oil. However, Angelis had actually filled the tanks with water and placed just enough soybean oil on top of the tanks to pass inspection. American Express was liable for many of the tanks and its stock faced a huge downturn, opening the door for a then 33-year-old Warren Buffett to make his first purchase in the company.

One hijacked plane struck the Pentagon on 9/11, killing 125 people inside

American Airlines Flight 77 crashed into the Pentagon's west side, destroying a section of the building and killing all 59 on board, along with 125 military and civilian personnel, making it the deadliest attack on the US military headquarters.

Find out how airline mergers created some of today's largest airlines

Four airlines dominate the US commercial airline industry: Delta, United, Southwest, and American. Many of these large companies secured their top spots in the industry via a series of mergers and acquisitions starting in the 1970s, when American acquired Trans Caribbean Airlines.

In the 1970s, the US experienced a period of stagflation

It was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973.

Southwest Airlines was profitable for nearly 5 decades, offering free whisky, cheap late-night tickets, and free-for-all seating allocation—despite how hard it is to make money running an airline.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC's dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

The 1973 oil embargo by OPEC inspired advances in alternative energy technology

The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.

The 1967 war was the first use of oil as a geopolitical weapon

Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.

American Express stopped its rail service when President Wilson seized American railroads

After the US entered World War I, the federal government took control of American railways and consolidated rail companies. American Express officially exited the express shipping business in 1918 and turned its focus to its travel and financial services.

Airbus is a rare European industrial success story that overtook a rival American firm

After World War II, the US dominated aviation, particularly Boeing. To compete, Europe's major industrial nations pooled resources to form Airbus, a customer-centric airplane manufacturer. Its A320 family of planes became the most popular in airliner history, leading to profitability in the 1990s. Amid Boeing's major hurdles in recent years, Airbus remains the industry leader.

Jet fuel is expensive—which is one reason why it's tough to make an airline profitable

Jet fuel is typically a commercial airline's second-largest expense, second only to labor. Oil prices can be volatile—there have been recent significant increases in jet fuel prices given the 2026 Iran conflict, for instance.

Commercial air travel's early days: Flights were short, cold, depressurized, and generally comfortable

After World War II, airlines competed for their high-end passengers by offering cocktails, meals, and plush seats, cultivating the image of the elite "Jet Set." By the 1960s, air transport was completely changing global trade and offering big profits to companies able to ship via plane.

American International Group, one of the largest insurance companies in the world, received $182B from the federal government—the largest of any bailout in the wake of the Great Recession.

American Express briefly owned Lehman Brothers

In 1984, Shearson, a retail banking company and American Express subsidiary, bought the investment banking company Lehman Brothers—best known for its historic 2008 collapse—for $360M. The businesses were then called Shearson Lehman/American Express. American Express spun off Lehman Brothers with an IPO in 1994 that attracted nearly $3B in new capital.

9/11 permanently changed air travel security in the US with the creation of the Transportation Security Administration.

Find out how airlines quietly became banks

Some experts suggest airlines lose money on every flight. This video dives into how airlines have leveraged their loyalty programs to make billions of dollars, effectively evolving into banks.

The US handed control of the canal back to Panama in 1999

This was the result of two treaties signed during President Jimmy Carter's presidency, one shifting control to Panama and the other declaring the canal zone neutral. In recent years, US officials have suggested the US may retake control. Experts agree that the only viable way would be through military force.

Anticipating moon tourism by 2000, Pan Am issued 'First Moon Flights' club cards

More than 93,000 cards were issued between 1968 and 1971, creating a waitlist that began when Gerhard Pistor, an Austrian journalist, visited a Viennese travel agency to request a flight to the moon. The cards were issued at no cost and numbered in the order they were issued.

The Berlin Airlift was the largest in history and a major Cold War victory for the US

In 1948, the USSR blockaded West Berlin to pressure America and its allies. In response, the US and its partners launched the largest airlift in history—delivering supplies daily for nearly a year until Stalin backed down.

Investment banking giant Lehman Brothers filed for bankruptcy in September 2008 when it had $619B in debt, making it the largest bankruptcy ever in the US

Nearly all of its 26,000 employees immediately lost their jobs. But in London, a few hundred remained tucked away, working for another decade to wind down the bank’s European business.

The US government has shut down 22 times since 1976

This resource breaks down every federal shutdown since 1976, showing how long each lasted and the budget disputes that caused them—revealing how routine funding failures have become in modern US politics.

Only 34% of Americans supported the Apollo program in 1967

After a fire killed three astronauts on the launchpad of Apollo 1, the public became ambivalent about funding the multibillion-dollar program until the successful moon landing in 1969. The landers alone cost $388M, while each spacesuit cost $100,000.

Some airlines—like American Airlines, which started the first modern airline loyalty program—have loyalty programs with higher valuations than the airline itself.

The Panama Canal boosted the US as a world power in trade, engineering, and finance

The effort proved the US could achieve grand engineering projects while granting it influence over (and benefitting economically from) a major interoceanic channel and its host country, Panama.

Many budget airlines rely on baggage charges and other extra fees to make money.

Listen to an account of an 'airplane game' leader, a notorious, widespread illegal pyramid scheme that swept across the US in the 1980s.

How a panel blew off a Boeing plane in mid-air

As Alaska Airlines Flight 1282 climbed just over 16,000 feet into the sky, a refrigerator-sized panel was ripped from its side, forcing it to land. Few of the 171 passengers were injured. This infographic explains how the panel tore from the body of the Boeing 737 MAX 9 plane, which had only been in service for eight weeks.

American Express intentionally targets wealthy cardholders, who spend higher amounts per transaction and tend to make more transactions than the average cardholder, thereby reducing the company's risk.

Flight 93 passengers fought back and prevented a fourth target

United Airlines Flight 93 was hijacked en route to Washington, DC. Passengers learned of the other attacks and stormed the cockpit. The plane crashed in Pennsylvania, likely preventing a strike on the US Capitol.

The attack at Pearl Harbor led to the world's first around-the-world commercial flight.

Before Lehman Brothers filed for bankruptcy in 2008 with more than $600B in debt, the Federal Reserve tried to orchestrate a private deal to save the then-fourth-largest investment bank in the US.

A secret airlift sent 14,000 Cuban children to the US

As part of the covert Operation Pedro Pan, roughly 14,000 Cuban children were quietly flown to the US in the early 1960s—often with no warning, no luggage, and no certainty they would ever see their parents again.

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

The century of the Panama Canal

The Panama Canal connects the Atlantic and Pacific Oceans through a 51-mile route that transformed global shipping when it opened in 1914. This breakdown covers how it was built, the workers behind its construction, and why its future may be challenged by climate and competition.

In 2012, scientists purposely crashed a Boeing 727 to identify where the safest place to sit is on a plane in order to survive a belly-flop-style impact.

BP only makes up about 1% of global oil production after many missteps

BP’s market cap has never recovered from the dive it took following the 2010 Deep Water Horizon oil spill. This video details some of BP’s corporate missteps along the way.

See a timeline that shows how volatile oil prices have been for decades, from OPEC-led embargoes in the 1970s and shale surges in the 2000s to the US flipping to become a net oil exporter in 2020.

In 2024, US airports generated over $1B of revenue—partly due to overpriced airport food

Some in the airport industry argue that charging street prices in airport restaurants isn't sustainable because it's more expensive to run a business inside an airport.

Bezos has frequently cited a 1999 article titled Amazon.bomb to illustrate how dire the early predictions about Amazon got

Over the years, Amazon founder Jeff Bezos often recalls how wrong the predictions in the 1999 Barron’s cover story were. Among other things, that article declared Amazon’s entire business model to be unsustainable and destined to fail, noting its lack of profit and dependence on a massive amount of capital to fund its growth.

The number of annual oil spills has dropped dramatically since the 1970s

Oil spills from oil tankers—which can have a sharp, short-term impact on oil prices—have become increasingly rare over the decades in part because of stricter regulations.

See intact objects found in the wreckage of Flight 93, which crashed in Pennsylvania after its 40 passengers and crew stormed the cockpit, stopping the hijackers from reaching their likely target, the US Capitol Building.

More than 650 companies went public in the US in 1996

As the dot-com bubble reached its peak, most dot-com companies went public with little proof of being profitable and were often overvalued. In 1999, the Nasdaq's price-to-earnings ratio (a tool used to determine a stock's value that divides its price by earnings) hit 90.2, signaling that many companies were operating at a net loss. Startups promised investors that more time and money would help scale their businesses and become profitable.

Drought conditions force fewer ships to sail the Panama Canal daily

In 2023, canal authorities reduced traffic in the canal amid severely dry conditions. These seven infographics from the Woodwell Climate Research Center explain exactly what happened that historically dry October, and how it affected global supply chains.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

The 2024 Synapse collapse took $90M of people’s life savings with it

In 2024, a banking middleman called Synapse declared bankruptcy. Unfortunately, it also locked roughly 100,000 Americans out of their own money, which prompted a class action lawsuit.

In March 2008, Bear Stearns was the first major bank to collapse in the Great Recession—leading to panic across the entire global financial system.

Large oil companies knew about the impact of carbon emissions since the ’70s

PBS Frontline’s The Power of Big Oil reveals how industry giants like Exxon and Shell were researching climate change in the 1970s but then funded denial campaigns—using internal science to sow public doubt for decades.

Near the end of the 1700s, the United States was forced to pay Barbary pirates an annual tribute equal to 16% of its entire budget.