Rags to riches? The airlines? Even though Wall St. is in meltdown-mode?

Could happen.

In my latest column for ABCNews.com, I talk about how the still volatile oil market (after a nice, long downturn, prices rose sharply Monday) is literally pushing airlines into profitability – and here’s how:

• New Airline Fees -Northwest alone now collects bag fees of almost half-a-million dollars a day
• Airfare Hikes — almost one a week in the first half of this year
• Fuel Surcharges – averaging $67 roundtrip domestically, $349 roundtrip trans-oceanic travel
• Capacity Cuts — 70 million fewer seats in 2009.
• Award Programs — watered-down benefits

But one thing that can’t be predicted is the price of oil; just ask United – it tried to play the “hedging game” earlier this year – the game Southwest excels in – and the legacy carrier lost a bundle.

Bottom line: who pays? Let’s see – new fees, hikes, fuel surcharges, worsening awards programs – I guess that would be, you and me. On the other hand – at least we still have an airline industry – one that’s alive and kicking.