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Airlines face losses as fuel prices mount

IATA director-general Giovanni Bisignani said the global airline industry will incur losses of $6.1bn if oil stays at $135 for the rest of the year, reported Gulf News. Even at a consensus estimate of $107 a barrel, the airline industry faces a fuel bill of $176bn, $40bn more than in 2007, he noted. This would see the industry making a loss of $2.3bn in 2008. The industry registered a net profit of $5.6bn in 2007.