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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: kryptonic6	4/13/2005 4:50:07 PM
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Fuel costs 'will push airlines to financial disaster' Andrew Clark Tuesday April 5, 2005 The Guardian Soaring oil prices will leave the world's airlines nursing a loss of $5.5bn (£2.9bn) this year according to the industry body Iata, which admitted yesterday that aviation is "a financial disaster" in many countries. Iata said airlines were likely to spend $76bn on jet fuel this year, compared with $63bn in 2004 and $44bn in 2003. It predicted that the struggling air transport industry's losses would reach $40bn over a five-year period. Article continues Speaking at a conference in New York, Iata's director general Giovanni Bisignani said: "We have lost our balance as an industry. Change is critical." Iata has issued a plea to governments for deregulation to make it easier for international airlines to merge with each other and to introduce competition for "monopoly" airport operators and air traffic control services. The organisation claims it is taxed unfairly - Mr Bisignani cited fiscal measures in the US, where the average tax on a $200 airline ticket rose from 7% in 1972 to 26% in 2004. "Air transport is fragmented, constrained and, as a result, a financial disaster in many places," said Mr Bisignani. "The livelihood of 28 million people in aviation and aviation-related activities and $1.8 trillion of economic activity are at stake. "Governments must act quickly in areas that are their responsibility and then get out of the way. We need to get on with business." Critics of the industry reacted sceptically. Richard Dyer of Friends of the Earth, which is campaigning for higher taxation of air travel, said: "It beggars belief that the highly polluting airline industry is asking for yet more tax breaks on top of the tax-free fuel it already enjoys." guardian.co.uk

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