I don't see any significant pay raises coming any time soon. Maybe a couple thousand dollar bump on first and second year pay... that's it. The airlines will try to get away with paying what they are paying as long as they can. Also, rising oil prices doesn't mean anything good for us pilots.

I can't predict the future, but if things stay the way they are trending now, there will be fewer pilots down the road. Is it enough to trigger a bona fide shortage? I don't know. There are fewer students now than there was 5-10 years ago. With avgas being $6/gallon and loans near impossible to get (unless you are attending a university) flight training is out of reach for a lot of people. This is a double-edged sword, though, because fewer students means that it is going to be tougher for pilots to get up to those ATP mins to get hired by airlines in the first place.