We'll have to see how this plays out. I doubt it will be pretty. Meanwhile, Norwegian better hope that oil prices stop going up. Most of their wounds are self-inflicted (horrible business plan), but they're also now getting hit with higher-than-they-should-be speculative oil prices. As folks in the industry know (but outsiders are often ignorant of), higher oil prices hit discount airlines the hardest. That's because fuel is a higher percentage of their overall costs, and their customers are the most price sensitive. Like AA and BA can raises prices and most of their customers will simply pay the difference, but some Norwegian customers are likely to not make the trip if they have to pay more.

I do think oil prices will stop going up because the current rally is largely irrational, but there's nobody on the planet who's been able to consistently predict short-term oil prices, so it's very much a crapshoot. If oil were to spike here, though, I doubt Norwegian would make it to Christmas.