Now nearly complete, deregulation has turned air travel into a free-for-all or less than it now costs to fly to San Francisco, we'll fly you there and back. And there again." So boasted the ads of People Express last week, in the Newark (N.J.)-based airline's latest low-fare offering. Once unthinkable, such price slashing has become almost commonplace in the six years since Congress began deregulating air travel. That historic step has made U.S. skies the most competitive in the world and turned the once orderly American airline industry into a survival-of-the-fittest battleground. Now...
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