On 23 May a barrel of oil surpassed $135, more than double its price of $65 a barrel a year earlier.
The extended rally has proved a boon for oil producers, and a downer for industries that depend on oil for their profitability.
If oil prices remained around $135 a barrel - says the International Air Transport Association - a collective $5.6 billion profit would turn into a $6.1 billion loss for the industry. Not everyone is worried: having announced a £346 million annual profit on 3 June, Ryanair's Michael O'Leary said the budget airline would break even at $130 a barrel in 2009, while predicting more airlines will be forced out of business.
Oil prices are currently off their highs, as analysts point to easing demand from developing nations coupled with a rising dollar. US Light Crude slipped to $121.84 a barrel on 4 June, while in London Brent Crude closed at $121.76.
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Updated: 05/06/08
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