Click to enlarge.
Economics is not rocket science. It just looks like it sometimes.
Oil prices increased about fivefold from 2003 to 2008, raising fears that world petroleum production is becoming unable to keep up with demand. The fact that there are few alternatives to petroleum for aviation fuel adds urgency to the search for alternatives. Twenty-five airlines were bankrupted or stopped operations in the first six months of 2008, largely due to fuel costs.
St. Louis Fed: Population