Global airlines continue to face high fuel costs, IATA says

05/9/2013 | International Business Times

Global commercial airlines will report an average profit of 1.6% for 2013 and will continue to face high fuel costs, according to a forecast by the International Air Transport Association. "Fuel now represents 33 percent of our operating budget, and the consensus forecast in March was for jet fuel to average $130 per barrel [42 gallons], which is $3 more per barrel than in 2008 when our industry was nearly brought to its knees by the oil bubble," said Tony Tyler, the director general and CEO of the IATA.

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