“The industry fuel bill will top $112 billion this year — $21 billion more than 2005,” said the International Air Transport Association, which represents 261 airlines handling 94 percent of the world’s scheduled air traffic.
IATA Chief Executive Giovanni Bisignani said at the group’s annual meeting in Paris:
“Oil is the wild card. Prices are racing ahead of efficiency gains and robbing our profitability”
For more information on the impact of high oil prices on the air transport industry, read this report.