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Wed, Sep 29, 2004

Oh, The Pain...

Airlines To Lose $4 Billion In '04

The rising cost of oil is outpacing the rising number of passengers in the air -- and that's bad news for the airline industry. The IATA now says airlines worldwide will lose another $4 billion this year.

"This will create tension in the industry, because after $30 billion (in losses), another year with a loss between $3 billion and $4 billion is very, very dramatic," IATA Director General and Chief Executive Giovanni Bisignani was quoted by Reuters as saying.

It's a heartbreaking turn for Bisignani, who, as recently as July, predicted the industry would break even or perhaps post a slight profit.

But oil, which traded at more than $50/bbl on Tuesday, has cost carriers $10 billion more than expected this year alone. Worse, carriers seem unable to agree on passing along the extra cost of fuel to their customers. Just last week, the world's biggest airline, American, started charging passengers a $5 surcharge for fuel. But other airlines -- most notably low-cost carriers like Southwest and JetBlue -- have so far refused to go along.

FMI: www.iata.org

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