In Hedging you win some and you lose some.

Southwest's infatuation with fuel hedges backfires - MarketWatch: "Given oil's relentless ascent, investors have been dumbfounded that Southwest's hedging program wasn't universally used by other airlines, who unfailingly blame their weak financial performance in part on rising fuel costs.Then came the crash. Oil is now trading at half the price it fetched just three months ago. Suddenly,