POST-SUMMIT UPDATE: Thank you to everyone who participated in the summit. Please check the agenda for links to presentations and video clips from the summit proceedings. Below are links to some media stories generated by the event:
Feeling Airlines' Pain, Airport Seek Help In D.C. (Washington Post, July 12)
Oil Prices On My Mind (AviationWeek's Towers & Tarmacs blog, July 11)
X Prize Tapped For Alt-Fuel Competition (AviationWeek.com, July 10)
“Should current fuel prices persist, the impact on [aviation] industry profitability is expected to rival — if not exceed — that of the 9/11 terrorist attacks . . . While it may sound callous to frame fuel’s rapid ascent against the far greater tragedy of 9/11, the math is indisputable — at current fuel prices, a similar attack on the industry’s profitability appears underway . . .” Statement by J.P. Morgan, April 15, 2008.
The escalating cost of fuel is sending shockwaves through the aviation community.
Already, American, United and Continental are detailing their plans to reduce capacity and frequencies and add service charges, while mothballing portions of their fleets. Airports are faced with making decisions about their strategic responses to this rapidly evolving crisis.
If carriers in 2009 operate 20 percent fewer seats than in 2008 — as some analysts suggest — this would be the equivalent of shutting down a carrier the size of American, USA Today has reported. “There would be fewer daily flights in cities of all sizes, fuller planes throughout the day and much more inconvenience,” the publication forecast May 22.
To mobilize the aviation community and government agencies, the American Association of Airport Executives (AAAE), the South Central Chapter/AAAE, the Air Transport Association, International Air Transport Association, Airports Council International-North America, the Regional Airline Association, the National Business Aviation Association, the Air Line Pilots Association, the National Air Carrier Association, the Air Carrier Association of America, the Cargo Airline Association and other leading aviation organizations will convene a top-level summit Thursday, July 10, in Washington, D.C. The Energy/Air Service Summit will begin at 8:30 a.m. and end at 4:45 p.m. The summit will take place at the Embassy Suites Washington, D.C. - Convention Center, 900 10th St. NW, Washington, D.C.
The one-day summit will assemble senior airline and airport representatives, labor officials, general aviation executives, leaders from Congress, DOT/FAA and the energy sector, as well as financial analysts to explore approaches to cope with the crisis.
The summit is aimed at top management in airports and airlines, federal agencies, the financial and energy communities and community leaders involved in air transportation. Join this industry summit to confront the issues that threaten the viability of our transportation system.