Xlibber via Flickr The NYSE Arca Airline Index is getting slammed today by the major rise in oil prices set off by worries that Libyan unrest could affect more major oil producers.

The index is down more than 5% this afternoon.

United Continental down close to 9%

AMR Corp. down close to 7%

U.S. Airways down close to 7%

Delta down over 7%

Every penny-per-gallon-per-year increase in the price of jet fuel means $170 million to $180 million more in fuel costs for airlines, according to the Air Transport Association.

Airlines have been having a tough quarter due to slowdowns in traffic fueled by weather. Plus earlier this month Obama's budget proposed increasing TSA fees and passenger ticket fees.

SkyWest and Republic Airways Holdings are posting their earnings results tomorrow and the ATA will release its January Passenger Traffic Report on Feb.25.

Click here to see the 10 companies being slammed by the bad weather >