The year 2009 was a bad one for the aviation sector and, by extension, jet fuel demand. Collective losses amounted to nearly $10 billion, while demand for aviation fuel in the US fell by 150,000 barrels a day (bpd) to 1.4 million barrels a day (mbpd). According to an International Air Transport Association (IATA) economic briefing, fuel costs as a percentage of all major airlines operating costs rose from 13.6% in 2001 to 32.3% in 2008.
According to a presentation by Andrew Herdman of the Associ
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