Higher fuel prices and slipping demand for air travel have prompted a change. The International Air Transport Association revised its forecast of global airline losses for the year from $9 billion to $11 billion. Revenues for the air travel industry are expected to fall 15% to $455 billion worldwide. Passenger traffic is anticipated to fall by 4%, with cargo dropping 14% for the year.

Financially, IATA CEO Giovanni Bisignani says the impact of the financial crisis has been more severe than the terror attacks of eight years ago.

If the industrialized - - and the industrializing - - world needs a wake-up call regarding the development of alternate and renewable energy sources, the nations need look no further than the International Energy Agency's research.

IEA projects that between now and 2015, the world will need an additional 37.5 million barrels per day of oil to meet rising demand. Currently, the world use about 84 million barrels of oil per day. [Oil closed Thursday down 91 cents to $95.46. A convergence of events, including strong global economic growth and geopolitical concerns, has pushed oil's price up more than 135% in three years; traders see oil testing the $100 per barrel mark in the weeks ahead.]

And here's the riveting statistic from the IEA: current oil production development plans will add only about 25 million barrels per day by 2015.

And what about that 12.5-million barrel gap? The gap, the IEA said, must be made up through further investment or easing of demand.

If the gap is not filled, a supply shortfall will result, the IEA said. "'A supply-side crunch in the period to 2015, involving an abrupt escalation in oil prices, cannot be ruled out," the agency said.

Oil Analysis: While oil consumption increases are expected in every region in the world and by dozens of nations, the importance of the United States and China in marshaling any energy coalition cannot be underscored enough. Each is the primary engine of growth in its hemisphere. Each has the private, public, and university-based economies of scale necessary to both implement conservation measures and development new energy sources - - practices that smaller nations in each region would undoubtedly mirror. Finally, each - - by virtue of the sheer size of their consumer bases - - can decisively "move the needle" toward increased energy efficiency and, along with it, toward less CO2 in the atmosphere, in the years and decades ahead.

Indra Nooyi isn't even officially begun her new role as CEO of PepsiCo, Inc. (NYSE:PEP), and already she's shaking things up. On Friday Pepsi announced Nooyi would be promoting John Compton to CEO of PepsiCo North America, effective immediately. The promotion is only part of a reorganization that morphs Pepsi into two separate divisions, both reporting directly to Nooyi: PepsiCo International and PepsiCo North America.

Bank of America analyst Bryan Spillane likes Compton in the role, but according to the Wall Street Journal [subscription required], said that Pepsi's "talent glut" might mean other executives would begin to grumble about their relative paucity of promotions and responsibilities.

Compton's background is notable for his ability to manage disparate organizations; he was responsible for the integration of Quaker Oats into PepsiCo following the 2001 merger. Nooyi won't be officially his boss until October 1, when she takes over from outgoing CEO Steven Reinemund.