Oasis Airlines, a low-cost carrier based in Hong Kong, grounded its planes for good this week -- the fourth in a recent string of bargain airlines to call it quits.

Launched in 2006, Oasis ended its run on Wednesday, citing the high price of jet fuel. It operated flights between Hong Kong and destinations including Vancouver and London, charging as little as $300 per flight.

Thousands of Oasis passengers have been left with useless tickets, Travelocity's Genevieve Brown told CTV News. She said the company continued to sell tickets until the end of March despite knowing much earlier in the month that it would be going out of business.

Oasis was the fourth small airline to close up shop in the last two weeks, while companies throughout the industry continue to battle with soaring costs, a bumpy economy and intense competition.

Hawaii-based Aloha succumbed to bankruptcy two weeks ago, followed days later by Indianapolis-based ATA and Ohio's Skybus, which was well-known for offering $10 seats.

Many of those airlines complained about the skyrocketing expense of fuel, which soared 70 per cent in the past year. However, intense competition is keeping ticket prices low and many major carriers have been forced to trim extras to compete.

Canada's budget airlines seem to be comparatively healthy. Calgary-based WestJet told CTV News its planes have been increasingly full for 15 months in a row. Air Canada is also reporting an increase in passengers.

The picture is less rosy in the Unites States, where there are fears that a recession could bring on a slow summer travel season.

American Airlines planes ready to fly

Three-hundred American Airlines planes grounded this week are once again ready to fly, a company spokesperson told The Associated Press on Saturday.

The U.S. Federal Aviation Association grounded the MD-80 jets Tuesday so their wiring could be tested, resulting in about 3,300 flight cancellations.

With a report from CTV's John Vennevally-Rao