Clearing a flightpath to European domination

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Aviation is an unremittingly cyclical business.

On an annual basis, airlines aim to make as much money as possible in the spring and summer and keep losses to a minimum over the winter.

On a longer-term basis, aviation goes into a slump every seven years or so as too much capacity too many new carriers thinking they can make an easy buck upsets the fragile demand/supply equilibrium.

So is Ryanair, with its shares down 50% this year, in trouble?

O'Leary says if oil stabilises at $80 a barrel, his profits will "rebound strongly". He also says Ryanair has $2.1 billion of cash on its balance sheet.

Most airlines cannot cope with $80 oil, and they certainly do not have that sort of cash.

Many airlines will be pushed into bankruptcy or consolidation all playing into the hands of Ryanair's plan for European domination.