It's not just the price of oil but also the exchange rate. At present you get $1.82 to the pound so a barrel of oil at $100 costs £54. Slip to $1.50 to the pound and the same barrel costs £67. It's highly unlikely that anyone has hedged in sterling (unless the fuel industry has changed its ways) so I would think that all airlines are vulnerable. What we need is high inflation and high interest rates to boost the exchange rate, along with low inflation and low interest rates to stimulate consumer demand. I'm off to lie down in a dark room till my brain stops hurting....
