UPS 2005 Annual Report Download - page 52

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• Possible disruption of supplies, or an increase in the prices, of gasoline, diesel and jet fuel for our
aircraft and delivery vehicles as a result of war or other factors. We require significant quantities of fuel
and are exposed to the commodity price risk associated with variations in the market price for petroleum
products.
• Cyclical and seasonal fluctuations in our operating results due to decreased demand for our services.
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