Or so said UBS analyst Kevin Crissey in a research note today.

“The legacy airlines have grown passenger revenue 7% so far this year. Although this is a good result by historical standards during a period of weak economic growth, it is not remotely close to what’s needed (think 4x this amount). Spot gulf coast jet fuel prices are up an incredible 85% y/y. The industry needs to shrink in a huge hurry to be able to raise fares and reduce fuel burn and other expenses.

It is difficult to make a compelling (or even decent) case to buy any US airline stock right now. The status quo in terms of fuel prices likely results in multiple bankruptcies. We continue to have no Buy recommendations and have Sells on AMR and JBLU.”

Just food for thought. This note was published this morning — BEFORE oil picked up more than $4 on the day, setting a new all-time high of $133.17 a barrel.

Jet fuel? Another new record, and this one is a big one.

Jet fuel closed today at over $4 a gallon. $4.09 a gallon to be exact.