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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.