Friday May 26, 2006

69, 70, 71

Crude oil prices are hovering at $71.5x, toggling between the high 50 cents and low 50 cents of $71. Why the big interest? Reason numero uno : a vested interest, of course. And then there's the fact that every twitch has an impact on the global economy, so it affects practically everybody.

Consider this statement :

"Every dollar added to the price of oil adds US$1 billion to airline industry costs. The battle is to keep these costs from reaching the bottom line. Airlines are dramatically increasing efficiency and cutting costs. It is time that all partners in the industry's value chain must do the same."

- Giovanni Bisignani
Director General and CEO
International Air Transport Association (IATA)

(2006-05-26 17:58:02 SGT) [Energy] Permalink

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