RE Emirates. Let's look at what we know to be fact.

It is 100% owned by a govt holding company.

Dubai is running out of oil. Emirates is INTEGRAL to the government of Dubai to stimulate the tourism industry and has really helped put Dubai on the world map.

You cannot put oil into a planes fuel tanks. Emirates needs to buy jet fuel like every other airline.

Emirates biggest advantage is perhaps that the Dubai government is extremely PRO aviation. It has a geographical advantage. It has a HUGE advantage in that it's hub operates 24/7 allowing Emirates to get much more utlisation out of their staff and aircraft than those operating from night restricted hubs in europe and much of the western world.

Emirates doesn't have the western world corporate problems of contributing to pension funds for staff. Negotiating with unions. Paying staff while they are off on long term sick or maternity/paternity leave. If you are crew for emirates and get pregnant or get cancer - you are on the next plane back to your home country.