June 4, 2004

Floyd Norris column on prospects for revisiting 1970's, when Arab oil producers lashed out at US for helping Israel win Yom Kippur War and delivered shock to both Arab and industrial worlds; recalls how that oil shock undermined self-confidence of Western economies and led to rapid reversals in American politics, costing Republicans the White House in 1976 and helping them regain it in 1980; graph (M)

Micheline Maynard analysis of financial crisis facing Delta Air Lines, which has begun warning that it may have to seek bankruptcy protection; discusses pressure of soaring jet fuel costs, which Delta failed to hedge against and which airlines cannot easily pass on to consumers because of stiff competition from low-fare airlines; says cost-cutting by Delta's rivals since Sept 11, 2001, have erased much of Delta's onetime efficiency advantage; notes Rep John L Mica's statement to airline executives during June 3 Congressional hearing that they cannot expect any more significant help from government; photos; graph of flying costs of 13 airlines between 2001 and 2003 (M)

Johnson Matthey, British platinum dstributor, says second-half profit was little changed from 2003 period (S)

Trainer Bob Baffert, who has lost Triple Crown at Belmont Stakes three times, knows as well as anyone how difficult it will be for Smarty Jones to win final leg of elusive Triple Crown; photos (M)

OPEC agrees to increase its production quotas by two million barrels a day, or 8.5 percent, delivering only tepid message to oil markets about its commitment to lowering prices; traders in New York bid up futures prices, but prices drop later in day when new Energy Department statistics show growing supplies of oil, gasoline and other distilled fuels in US; analysts say problem with OPEC's move is that it will not add any new oil to market because OPEC is already overproducing its declared ceiling of 23.5 million barrels a day; graph (M)