Geoffrey Thomas

Well, it's a bit of both.

We know that 20% of the world's oil, whether that's in crude, whether it's refined into gasoline or petrol, if you like, or jet fuel or diesel, is cut off, essentially.

that means 80% is still available.

And, you know, aside from contracts and fuel hedging and commitments and whatnot, there's a significant amount of fuel that is sold on the high seas, high seas cargo, and that goes to the highest bidder.

So while 20% has been cut, there is still shipments available if you're prepared to pay for it.

And there's, of course, obviously a lot of profiteering going on at this particular moment.

And it depends on different countries or different airlines' appetite for paying more for their fuel.

Now, low-cost airlines are more impacted simply because their passengers typically are more

Price sensitive.

That's not always the rule, but they are typically more price sensitive and therefore it's more of a challenge.

Now, down under where I am in Australia, Jetstar has cancelled about 7%.

That's a low cost airline, part of Qantas.

it's cut about 7% of its network in response to the jet fuel situation, whereas Qantas has only cancelled 1% of its flights.

So I think that sort of situation is mirrored around the world.

Then overlaid on that, you've got airlines like, say, Lufthansa or British Airways, who operate long-range flights to different parts of the world, and they can do what's called tanker fuel.

So when a British Airways flight goes to New York,

say, an A380 for the five-hour flight back or six-hour flight back to London, it carries full fuel.

Not the six hours it needs.

It carries, you know, it carries full tanks, which would give it 13, 14, 15 hours of flying.

So there's going to be tankering of fuel as well by airlines, depending on, you know, a variety of circumstances.