Ryanair chief executive Michael O’Leary warned that surging oil prices could push “two or three” European carriers into bankruptcy as early as October or November. He cited a rapid run-up in jet fuel costs tied to instability in the Middle East and risks around the Strait of Hormuz.
“If oil remains at these levels, two or three European airlines could go bankrupt in October or November, like Wizz Air, which wants to sue me, but won’t have enough time to do so, and Air Baltic. A good thing for our business, as there will be fewer competitors,” he said in an interview with Italian newspaper Il Sole 24 Ore. Ryanair has already spent an additional $50 million on fuel in April alone.
Europe’s kerosene supply has been drastically…