Airlines could face serious problems if current gas prices stay...

I am taking a look at Ryan Air shares and Brent Crude Oil price and I see there is a distinct correlation between gas price and share price:



It seems to me, flying at cheap deal prices, is the Ryanair business model. Unfortunately, unless most holidaymakers and business trip people are prepared to pay much higher prices around Europe, I do not see how it would be possible for such a company to survive during this 2008 oil shock? I think it is a matter of time before we see some big changes (more than cutting down on water in the plane for toilet flushing, or charging extra for bags)....
(I did not mean to pick on just Ryanair --this also applies to big companies like American Airlines who are to cut 6,840 jobs: http://travel.latimes.com/articles/la-trw-american3-2008jul03)

OK, there is still time to fly... tickets are only Ten British pounds (single on special offer)
Look out for extra baggage costs, airport tax and please send me comments if I missed anything....