"Although the US and global economy continued to sputter in 2015, stable demand and lower energy prices resulted in record profits for US airlines," the report stated.
The FAA noted it expects sustained increase in air travel through 2036, adding that the long term outlook for general aviation is favourable.
"Although oil prices are projected to fall to around $43 per barrel in 2016, our forecast assumes that they will rise thereafter to exceed $100 by 2023 and $150 by the end of the forecast, keeping a lid on US economic growth during the same period," the report pointed out.
Global oil prices dropped from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, largely because of prolonged global oversupply and weak demand.
