Article: Too good to last - is this the end of cheap holidays? As oil prices soar and the global economy takes a dive, the travel industry is fighting to survive - and that's bad news for travellers, says Sara Macefield

Last week, the dire state of the world's aviation industry was laid bare by its global body, the International Air Transport Association (IATA). In no uncertain terms, its director-general and chief executive, Giovanni Bisignani, painted a grim picture of the tough conditions facing airlines, describing them as a "perfect storm".

"The situation is desperate," he declared, "and potentially more destructive than our recent battles with all the Horsemen of the Apocalypse combined.

"Just as we started to recover [from 9/11] we face another crisis of potentially even greater dimensions - rocketing oil prices are changing everything."

It seems that after a golden decade of low prices, the era of ...

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