Trees don't grow forever. I predict a settling of the oil price back down to lower levels, though still torture. As the western economies slide into financial crisis and recession, the easing of demand will allow slack for the tiger economies to absorb extra supplies without price overreaction. Meanwhile many jobs will dissolve, sadly.
Not all tickets are 1p on Ryanair- I think they know the level of capacity they will want and the revenue they need to raise from it. I actually think the passing of the age of the cheap ticket will not be altogether regrettable- it has caused some outrageous trogs to bring their awful and embarrassing behaviour to our near neighbours. A massive era of change is upon aviation, sadly not so beneficial, but the sun will shine again. But crowing about one airline not hedging seems a bit tacky, doesn't it? By next year, it will all be academic anyway, not many airlines that hedged will be benefiting from it.
Meanwhile we will be tortured by government policy. I have just taken a 2 hour express train in Italy to Milan. Cost? Walk in: less than £6! Subway: 1Euro! Take a 2 hour express train in the UK: £100+? Even at current fuel costs, we will still find it cheaper to fly or drive than leave our cars behind and 'let the train take the strain'! There is hope for aviation still.