Global Jet Demand Regroups To Face More Challenges

摘要

Global needs for jet fuel emerged from the two-year recession in fighting form last year as air transport fueled the economic recovery by moving more people and freight around the world. Strong demand put air traffic back on a 7% growth trajectory in 2010 and pulled jet fuel usage out of its two-year slump. JFI estimates based on International Energy Agency (IEA) data show that global jet fuel needs rose by nearly 4% last year to 5.2 million barrels a day, replacing most of the volume lost since 2008. As industrialized countries grapple with unemployment, sovereign debt, fiscal crises and reconstruction in the case of Japan, austerity measures are likely to take a toll on discretionary spending in countries such as the UK, Ireland, Greece and Portugal. As high oil prices start to erode spending power, prompting airlines to boost air fares and fuel surcharges, some consumers in developed countries may lose their appetite for air travel. The remarkable recovery in jet fuel usage could flame out quickly in the OECD given the huge challenge to economic growth and recovery posed by high oil prices and fiscal problems (JFI Sep.6,p1).