Following in the footsteps of American, Delta and United, Continental airlines today announced they will cut domestic capacity a full 16% and cut 3,000 jobs. “The airline industry is in a crisis,” two company executives said in a message to employees. “Its business model doesn’t work with the current price of fuel and the existing level of capacity in the marketplace. We need to make changes in response.” The airline will also reportedly retire 67 Boeing aircraft as part of the downsizing.More from the New York Times.