Directions: Choose the option that best captures the essence of the text.

The always cynical airline industry is passing through a particularly rocky time. Established carriers - hit hard by recession, terrorism, SARS, war and now skyrocketing fuel costs - face tough competition from a new generation of low cost airlines whose business model doesn't rely on the hub - and - spoke system and whose service has earned them accolades the big carriers can only dream about. But even the low costs upstarts face an uncertain future as they expand into larger cities.

The airline industry passes through various ups and downs in the cyclical mode. Currently, they are passing through a very bad phase due to a lot of factors. In addition to this they are facing severe competition from low cost airlines that have a different approach. However, these new airlines also face an uncertain future.

Competition is tough in the airline industry. It is passing through a turbulent phase currently. However, the future is uncertain for the small carriers as well.

The competition provided by the new low cost airlines seems to create a bad phase for the established carriers. Adding to this are the various other factors like SARS, recession, terrorism, war and now skyrocketing fuel costs. Thus, the airline industry on the whole seems to be heading downhill.

The airline industry is particularly going through a difficult phase. Old, established carriers are facing a number of problems, including competition from new low cost services. But even the latter face an uncertain future considering their expansion plans.