How about the fact that less people will be foolish enough to get into this "game" at the moment. Whilst the economy is crumbling and the future for pilots looks bleak then perhaps there will be fewer numbers going through the doors of FTOs? They may actually need to lower prices or offer some sort of insentive to keep the number of trainees up.
Unfortunately this is not the way it works.
When there are fewer students, FTO's earn less, but they stay profitable.
Theoretically, FTO's can be profitable even with 2 or 3 new PPL students every month. Instructors are mostly paid only for the hours they fly.
Bigger integrated JAR FTO's training in the US will see profit margins decrease, but their margins are so huge that they can do very well with half or even less students.
If fuel increases, training rates increase.