5/9/2013

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.

Related Summaries