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Last year we survived the four horsemen of the apocalypse- SARS, conflict in Iraq, terrorism and the economy.

This year was meant to be the first profitable year for our industry this century.

But a fifth horseman - the price of oil - could add up to one billion dollars per month to our costs and deny us profitability yet again."

1. Read full speech

Opening Address by the Prime Minister of Singapore Mr. Goh Chok Tong

State of the Industry by Giovanni Bisignani, IATA Director General and CEO

IATA's 60th Anniversary