The airline industry will lose $5.2 billion this year based on an average annual crude oil price of $113 per barrel ($140 for jet fuel), IATA DG and CEO Giovanni Bisignani said yesterday from Montreal. "The industry is in an extraordinary situation," Bisignani told reporters during a conference call to discuss the new industry outlook. "We are still in a perfect storm of rising costs and falling demand." IATA forecast two likely outcomes for 2008 at June's AGM in Istanbul: A "pessimistic ...

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