Airlines spent less on jet fuel in July and August, according to the Air Transport Association, helped by both falling oil prices and cuts in capacity. The 1.65 billion gallons of jet fuel burned by U.S. airlines represented a 6.4% drop compared to August 2007. Fuel prices have slid more than 28 cents per gallon since July, but remain 65% higher than they were a year ago. Meanwhile, crude oil prices have fallen more than 50% from record levels in July, trading close to $71 a barrel on the New York Mercantile Exchange. OPEC on Wednesday cut its forecast for daily oil demand by 0.5%, citing "dramatically worsening" world financial markets.
Published in Brief: