Flying the friendly skies may be a theme of the past, as many airlines have cut back on extras, sending profits and exchange traded funds (ETFs) on a ride that could have many choosing to stay grounded.

New travel fees are the latest effort to help stem the bleeding of higher fuel costs which are, of course, linked to higher oil prices. As of Tuesday, United Airlines (UAUA) , US Airways (LCC) and JetBlue (JBLU) all posted big losses, reports Chris Kahn for Associated Press.

Southwest Airlines (LUV) bucked the trend, though, and said it was still flying high on its 69th consecutive profitable quarter, reports Dan Grech for Marketplace. The airline locked in the price of jet fuel months ago as an insurance policy against the rising oil prices.

Checked baggage will start at $15 per bag, ticket change charges could be as high as $100, and seats with extra leg room are all extras that are going to nick passengers in their wallets. US Airways Group is anticipating an extra $400-$500 million from the extra fees, while JetBlue may see $40 million extra.

iShares Dow Jones Transportation Average (IYT) holds these airlines:

  • JetBlue Airways Corp. 0.44%
  • Continental Airlines 1.05%
  • Southwest Airlines Co. 2.03%

The fund is down 13.9% year-to-date.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.