Soaring oil price could drive ‘weaker airlines’ out of business

The soaring oil price will drive “weaker” rivals out of business, easyJet claimed this morning, despite seeing its own losses treble over the last six months.

With oil hitting a new record of $122 a barrel yesterday, and Goldman Sachs forecasting it could hit $200 a barrel this year, easyJet predicted carnage in the airline industry.

“If the oil price stays high we will see a number of weaker airlines disappear over the next 12 to 24 months,” chief executive Andrew Harrison predicted.

Guardian