The week ended on a great note for airline stocks.

The price of oil took another drop today, closing at 115.20, down almost $5 today alone.

So why is the price of oil continuing to drop?

Fears that the U.S. economic slowdown is now beginning to spread around the world is one reason. That is what has more or less caused the dollar to rise and the euro to fall this week. So much so that the dollar posted what appears to be its biggest one-day gain in the last four years today.

Couple this with continuing sentiment that the recent higher prices really have dented demand to a certain extent, especially in a number of Asian markets, and well — there you go.

For airline stocks, the screen was all green this afternoon, with only two exceptions. Shares of Air Canada were down on that airline’s earnings revelations today — and ADRs of China Eastern Airlines got smacked around a bit as the stock market in China took a big hit today on what some were calling a “Post-Olympic” wake-up call.

The biggest gainers for the airline sector today were:

US Airways. The stock here ended the day up 18%, closing at 7.96.  The stock picked up a whopping 54% for the week as it posted the biggest gain for the week of any airline stock we track here at PlaneBusiness.

Shares of United Airlines rose 16% Friday, closing at 11.13. Shares here were up 36% for the week.

Shares of Continental wrapped up the top three spots for the day, as shares here picked up 12%, ending the week up 26%  at 16.48.

Nice. Very nice.

Not so nice?

Shares of ExpressJet ended the week down 22%, closing today at 25 cents. The stock takes PlaneBusiness Basement honors for the week.