3. The Demise of People Express

With deregulation came a fleet of new discount airlines, offering no-frills flights at rock-bottom prices. None made more of an impact than People Express, which offered cut-rate fares to Europe of $99 and became the beloved airline of budget travelers. When it went out of business in 1987, the major carriers breathed a sigh of relief — and the brief heyday of really cheap airline fares came to an abrupt end.

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