The 1970s downturn, lasting between 1973 and 1975, was started by the oil crisis of 1973 which saw oil prices skyrocket by 400% in just five months. FedEx was founded in 1971 and began shipping parcels in 1973 just as the oil crisis hit, which caused costs to rise exponentially. Yet the company pumped money into an ad campaign with the tagline “FedEx—when it absolutely, positively has to be there overnight”, which put the brand name on everyone’s lips and helped turn its fortunes around. By 1980, profits reached $38.7 million, equivalent to $121 million (£104m) in today's money. During the COVID-19 pandemic FedEx has scrapped its annual bonus for employees and furloughed some staff, but has since announced it will give employees a 2% pay rise from October to thank its half a million workers for going above and beyond during the crisis.