Oil prices will only seriously affect the airlines that have overstretched and overexpanded into difficult markets. Most likely situation is that well managed airlines will just shrink in capacity to fit the new world.
As far as using US based airlines as an indicator it would be a good idea to check out the history of that region as far as airline survivability goes. Most of the large carriers over there have been in and out of chapter 11 for years. This is due to excessive competition, oil prices only put the squeeze on the ones that overextend.
If oil prices were to rise to that level then think about the effects on other industries? What job in this world will be safe, all transportation will suffer and the global economy will collapse!
Have to agree with Pakeha, I think new starters will miss a lot and will only fly a few very similar jet types in their careers. Enjoyed almost every minute of my GA experience, just wish I had some cash to go with it! And with airliners becoming more automated and reliable airline flying will become less rewarding both financially and in its challenge.