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Jetsgo, Canada's third largest airline, has ceased all operations because of spiralling oil prices and a federal safety investigation. 

The low-cost carrier had been expanding rapidly in recent months, having added four new routes in December alone. However, the sharp increase in oil prices has forced the airline to ground all flights. The airline, which has 1,200 employees and 29 planes, lost C$55 million (US$49 million) in the past 8 months alone.

The move has stranded over 17,000 passengers across its routes. A spokesperson from Canada's transport department commented, "They'd grown too fast and it was putting strains on senior management."

No arrangements were made with Air Canada or other airlines to take care of their customers. The Air Canada web site stated that "no arrangements were made by Jetsgo that would enable Air Canada to accept Jetsgo tickets."