American airlines could record $ 7Bn to $ 15Bn losses in 2008.

According to US Air Transport Association (ATA), American airlines could record $ 7Bn to $ 15Bn losses in 2008. The impact of the oil price surge, therefore, will be stronger than that of the Sept-11 terrorist attacks. The association claimed that “if Congress does not react rapidly, our country will no longer have viable air transport”. In this context, all US airlines have already decided to reduce their capacities by 10 to 15% and to cut some 22,000 jobs in total. Les Echos