Think back to the 70's when the first big oil price rises happened. ISTR reports in the years afterwards that pilots quickly lost currency and couldn't afford to remain qualified. Quite a number didn't get back to work as pilots.
On Radio 4 today there was a report concerning "peak oil", experts suggested that we have had the first peak where "sweet" crude oil for Kerosene etc -demand can't be met. They were predicting that by 2011- 2013 we would hits further peaks for heavier fuels and peak oil full stop. The only benefit is that this should give the economic push to find other fuels.
Hydrogen powered aircraft anyone?
EGGP