Bisignani sees more losses in 2005 if fuel prices continue to climb

Although traffic and capacity continue to grow, IATA DG and CEO Giovanni Bisignani yesterday warned that if fuel prices continue to rise, the industry could see more red ink this year. "If the average price of oil settles at $43 per barrel for the year, the total cost of fuel to the industry will exceed $73 billion," Bisignani said. "Clearly 2005 will be another year of industry losses, despite aggressive airline cost cutting." He also pushed for a new open aviation agreement between the US ...