Crude oil prices spiked $10 today to reach a new record above $139, as disappointing US unemployment data, a weak US dollar, and a comment by the Israeli transport minister that an attack by Israeli forces on Iranian nuclear sites was “unavoidable” sent prices spiraling.

A Morgan Stanley forecast of crude oil prices at $150 within the month added further support to oil’s climb.

“I can’t think of a sector more vulnerable to soaring oil prices than the airlines,” writes Andrew Gordon in Investor’s Daily Edge.

Every dollar increase in the price of a barrel of jet fuel adds more than $1.3 million to the daily operating expenses of the U.S. airlines industry.

The auto sector comes close, especially companies like GM, Ford, and Chrysler that depend heavily on truck sales. But at least auto companies can change their mix of vehicles to adapt to high gas prices. They may not be able to sidestep all the pain of high gas prices, but at least they have options.

So what options do the airlines have? They’ve already cut costs to the bone. And from the feedback I’ve received, it seems like they’ve royally pissed off passengers and employees alike.

“It’s the end of an era in Detroit,” says Mike Burnick in the Offshore A-Letter.

At Wednesday’s General Motors (GM) shareholders meeting, the company threw its business strategy into reverse gear. GM will chuck its heavy dependence on the truck, and go green instead… giving its alternative hybrid-electric car the go-ahead.

GM and the other big-three Detroit automakers have feasted on the fast-growing market for pickup trucks and SUVs for years. But with gas now above US$4 a gallon and climbing fast, big-rig drivers are mailing their keys back to the auto finance companies today.

I’ve talked to a half-dozen people in just the past few weeks who are ALL trying to unload their big gas-guzzling trucks or SUVs. One friend of mine drives a Chevy Suburban: GM’s top-of-the-line road hog. She’s had it for sale over a month now…No takers. In fact, even the local Chevy dealer won’t take it!

Anyway, back to the GM shareholder meeting… In its quest to stop bleeding red-ink, GM is backing-up its entire business plan. The company is shuttering four U.S. production plants – all of which built trucks or SUVs.

“Higher gasoline prices are changing consumer behavior, and they are significantly affecting the U.S. auto industry sales mix,” says CEO Rick Wagoner. Imagine that!

Now that $2 gas is gone forever, GM has very high-hopes for its plug-in electric hybrids. GM should have made that switch years ago, rather than being asleep at the wheel and building Hummers instead.

You may not find these battle-ready Hummers on GM car lots much longer – but be sure to look for sleek new plug-ins coming to a dealer near you for the 2010 model year.