[Wildwell]

Not my words, but the words of the London Times.

For many years, Ryanair’s bottom line had benefited from insuring against oil price increases. But in November 2003, when the oil price took off, Ryanair stopped its forward hedging policy. In June 2004, when it looked like the problems in the Middle East were abating, O’Leary was confident oil prices would return to 2003 levels. “It would be unwise to lock in at the current high forward rates,” he said. “Our view is prices will fall this winter or next year and only then will we hedge, in order to benefit from such reductions.”

By June 2005, the grim reality of rising oil prices had softened his cough and he locked in at $49 a barrel, though only from October 2005 to March 2006. Once again, he was hoping against hope that the price momentum would swing his way. Last Easter Ryanair was again unhedged and the price of a barrel of oil was more than $60 and rising. So O’Leary took the plunge again, hedging at $70 a barrel, but only until October.

O’Leary told shareholders last week: “We will continue to look for opportunities to hedge again, but only if suitable pricing opportunities present themselves.”

Someone should buy O’Leary a copy of Peak Oil so he will be fully apprised of what the world looks like without cheap fuel

http://www.timesonline.co.uk/newspaper/ ... 10,00.html

[virgincrude]

I don't know whether to laugh out loud or cry like a drain ...

just mind blowing it's reached such lofty heights as The Times ...

Still, not a bad profit even after all that, eh?

[mekrob]

Peak Oil? I've never heard of that title for a book or movie. Which book are they specifically speaking of? (pretty wierd that 'Peak Oil' was missed in publishing...)

[fafhrd]

Perhaps the author was referring to this.

[Karl]

Brilliant!

After all the bullsh*t and boll**cks from O'Leary (his words not mine in reference to anything which undermines his utopian business model) this is a cracker.

I really hope he reads the Times though I'm sure his handle on geology will be better than some bullsh*ters like Campbell or Simmons.

If there is one guy who needs his comeupance its Michael O'Leary. Its just worth watchinging the oil price rise to see him being squeezed slowly by the boll**cks.

(for non UK readers this is not meant to be crude - O'Leary's language is constantly filled with such expletives)