Jay Rockefeller: “the U.S. airline industry continues to teeter on the brink of financial collapse. The industry lost over $9 billion in…”

“the U.S. airline industry continues to teeter on the brink of financial collapse. The industry lost over $9 billion in 2004 and the airlines are expected to lose another $1.9 billion in 2005. Our Nation cannot afford to let this vital part of our economy collapse. Our economic prosperity is tied to a healthy and growing aviation industry. As we saw after the events of September 11, 2001, the shutdown of our aviation systems caused a massive disruption to the flow of people and goods throughout the world. Without a healthy airline industry, our economy will not grow. I do not believe the significance of aviation to our economy can be overstated. I do not think many in Congress and across the country realize that over 10 million people are employed directly in the aviation industry. For every job in the aviation industry, 15 related jobs are produced. In my State of West Virginia, aviation represents $3.4 billion of the State's gross domestic product and directly and indirectly employs 51,000 people. The airline industry has been hard hit in recent years by high oil prices, weak revenue, and low fare competition. Since 2001, the airline industry has lost more than $30 billion collectively, and while aviation analysts expect 2005 will be a significant improvement over recent years, most estimates assume oil prices drop significantly from current levels--a matter that increasingly remains in doubt.…”