According to the International Air Transport Association (IATA) the global aviation industry is facing its largest drop in passengers since the outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003. Even the good news that the oil price has fallen to half its July peak was not enough to offset the impact of the drop in demand.Global international traffic statistics for September 2008 show passenger traffic declined 2.9 percent while cargo traffic dropped 7.7 percent compared to the same month in 2007.IATA favors less regulation of international air traffic as the most important factor in staving off further financial calamity in the industry.Source: eTurboNews; find article here>>.