There is more to it than just the oil prices.
Right now, the market in Europe is saturated. There are a large amount of Low Cost carriers and long established 'legacy carriers' all competing in a well served and condensed market that has seen profitability slashed down to the bone. Coupled with that, is a regulatory base that is ever increasing, which not only further increases operational costs, it makes the market very hostile to new carriers as well as the establishment of new long term routes / city pairs.
Within this, flight crews are caught and as such the base for increased T&C's becomes harder and harder and available jobs become fewer and far between.
I could in fact go into a dissertaion here, but wont.
Wannabes are like lemmings
Indeed they are. They are going into a career base that is getting tougher, with influences that are way past the interest levels of the FTO's selling a freshly minted blue book and are doing this with no concept of the industry, no research and no understanding of the wider picture apart from the marketing that the FTO's pump out to secure the revenue from the wannabes who are being sold an illusion.