Awful news from the airline industry just won’t stop.
Only three months ago, the International Air Transport Association had forecast a $4.5 billion profit for 2008. Yesterday, officials cut that estimate to a $2.3 billion loss.
And that’s assuming oil goes down in price. If oil were to stay around $135/barrel (never mind rise), the industry will lose approximately $6.1 billion.
A staggering 24 airlines went bankrupt in the last 6 months, about four times as many as the group usually sees in a year. The airline industry also clamored for less regulation (on mergers and carbon emissions) and more government aid