Two generations ago, our grandparents would have relished a simple trip to the seaside in a car, Today, many of us have grown used to taking short-haul breaks several times a year.

Social commentators believe our increasing propensity to hop on a plane bound for Europe or beyond just for the weekend is indicative of a broader change in attitudes and outlook.

One theory suggests that early-21st century folk remain deeply affected by the events of 9/11 and that our willingness to embrace spontaneity by making frequent overseas trips is a reflection of a widespread and increasingly deep-rooted you only live once' attitude.

Another, more hard-nosed, school of thought reckons the prominence of comparatively low cost no-frills' airlines has an even greater influence on our travel habits.

I'm no psychologist, but I imagine there is a large element of truth in both arguments. Yet, as jet fuel costs and airport landing charges continue to soar, one wonders how much longer our long foreign weekend' mentality can survive.

Earlier this month, budget airline Ryanair said it would be grounding planes and cutting routes this winter in an effort to reduce overheads. It did the same last year, mothballing seven aircraft while cutting services on marginal routes. The 2008 hibernation will be on a much larger scale.

This is a typically shrewd move from the slickest of operators, taken without upsetting many would-be passengers.

In May, Ryanair became the first UK airline to fly more than five million passengers in one month - further evidence that in-flight food, hot towels and video screens are not prerequisites for attracting colossal numbers of budget-conscious travellers.

Together with easyjet, Michael O'Leary's airline has effectively become a privately-owned public transport service.

The contrast with the fate of Maxjet, Eos and Silverjet, Britain's former business class-only carriers, could not be starker. All three have gone bust inside the last six months.

Yet, even for budget airlines, rising fuel bills are an enormous worry. The price of jet fuel has risen fivefold in the last six years and, for the first time, analysts are beginning to construct business performance models based upon an oil price of $200 per barrel without being dismissed as lunatics.

Even at current levels of $130 a barrel, the International Air Transport Association (IATA) has forecast aggregate losses of £3bn for the world's leading airlines this year. Ominously, the figure has doubled since April.

IATA maintain there is "no fat left" at any high-profile airlines and alarmingly, have even suggested re-nationalisation is the only answer for some of them.

When it comes to negotiating the oil price, IATA rightly complains that ridiculous anti-competition laws prevent carriers from acting as one to secure the best possible price, whereas Opec suppliers have no such concerns.

The situation might be unfair, but it is one that is unlikely to change anytime soon. In any event, such is Opec's clout that it literally has airlines over a barrel whether they act collectively or individually. Meanwhile, airlines are faced with a stark choice: cut costs or be driven out of business as the cost of oil continues to soar.

Investors might feel that companies such as easyjet, whose share price has fallen 50 per cent since the turn of the year, or BA, whose share value has slumped by a third over the same period, offer enticing opportunities.

Neither they nor Ryanair pay a dividend, which means investors would be buying shares in these companies for their growth prospects. At this juncture, that appears about as likely as Ryanair introducing free champagne for passengers en route to Bratislava.