United Airlines announced a 4th Quarter loss of $1.3 billion Wednesday and reports suggest the company may cut 1,000 jobs.
In a news release the company said, "Fuel prices drove the company's losses in 2008."
United Airlines isn't alone in the financial crunch. On Wednesday, Fort Worth-based AMR Corp., parent to American Airlines, said they lost $340 million in 4Q and $2.1 billion in 2008.
Market Watch.com reported that United plans to cut salaried and management positions, as the company tries to improve its financial position.
The airline industry has faced a two front battle in recent months, trying to recover from the high fuel prices of early 2008, followed by a decline in passenger demand that began as fuel prices eased but the global economy soured.