IATA expects average price for aviation fuel up to $84 in 2011 from $79 in 2010 – it was actually $127.5 for 2011

AIRLINES FACE NOSEDIVE WITH SOARING JET FUEL PRICES
9.1.2011 (Express)
THE rising costs of jet fuel could hit airline profitability this year, experts
fear.

Aerospace behemoth Boeing predicted that jet fuel would be a “big driver of profitability”
for its customer airlines in 2011.

Randy Tinseth, who is vice-president for marketing at Boeing Commercial Airplanes,
said: &lquot;We will watch very closely economic growth and fuel prices.&rquot;

Every $1 rise in the price of crude adds more than $1.6 billion ( £1 billion)
to aviation’s annual fuel bill, according to airline trade body IATA. Fuel consumption
is about 1.6 billion barrels a year.  [The world’s annual consumption of jet fuel (excluding military) is about 2 billion barrels.  Biojet  ]. 

IATA forecasts the average oil price will increase to $84 per barrel in 2011,
up from the $79 per barrel for 2010. The total fuel bill for 2011 is expected
to be $156 billion ( £100 billion), up from $139 billion in 2010.

However, the cost of crude oil topped $95 a barrel last week, stoking fears the
final bill could be considerably higher. Some analysts believe oil will break
through the $100 a barrel mark soon.

The rise throughout 2010, for example, added $22 billion to airline bills.

Airlines are forecast to swing into a $15 billion profit in 2010 due to the economic
recovery. Predicted profits for 2011 stand at $9 billion. http://www.express.co.uk/posts/view/222050/Airlines-face-nosedive-with-soaring-jet-fuel-prices-Airlines-face-nosedive-with-soaring-jet-fuel-prices

World Annual Jet Fuel Production and Consumption to 2007

year production consumption
1984 1,880.09 1,836.90
1985 1,942.47 1,909.24
1986 2,807.41 2,650.93
1987 3,369.62 3,201.55
1988 3,690.24 3,497.58
1989 3,867.57 3,676.83
1990 4,002.37 3,672.56
1991 3,859.46 3,647.30
1992 3,767.52 3,649.21
1993 3,739.89 3,711.88
1994 3,971.21 3,830.94
1995 4,145.93 3,951.64
1996 4,367.70 4,082.09
1997 4,363.05 4,145.64
1998 4,435.69 4,256.96
1999 4,491.11 4,371.92
2000 4,778.75 4,545.21
2001 4,658.60 4,503.14
2002 4,585.39 4,494.13
2003 4,651.11 4,534.32
2004 4,978.05 4,830.81
2005 5,131.94 5,043.36
2006 5,189.39 5,187.43
2007 5,182.63 5,247.64

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