Vanity Fair Magazine has sparked rumors that it plans to permanently pull the plug on it’s posh annual Academy Awards afterparty in light of cash flow woes. In light of the three month old WGA strike (Which ended over the weekend), the style mag decided to forego the 2008 Oscar Party, but celebrity snitches claim money troubles are threatening to make V.F’s soiree a distant memory.

“Costs too much money,” an insider tells E! The entertainment network reveals: On the low end, the bash is said to cost $2 mil, but it’s probably much more, once you add in the New York-based rag’s cost of shipping out and putting up its posh worker bees. Motel 6, for example, is not on anyone’s expense report.

“Vanity Fair costs a huge amount of money to produce, and in a time of fiscal responsibility, believe me, this party is not coming back.”