Survey: Fuel cancels out airline industry profits

06/10/2008 | BusinessTravelNews.com

According to the 2008 Business Travel Survey, soaring fuel prices are dramatically changing airline operations, and last year's industry profits are merely a distant memory as carriers struggle to survive. Survey results depict some of the challenges the industry is up against, including how measures to raise revenue are not adequate to cover soaring fuel costs. "The rapid increase in jet fuel prices will add substantially to airline costs at a time when a weakening U.S. economy will make it more difficult to offset those costs with higher fares," said Standard & Poor's analyst Phil Baggaley.

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