True SWA has benefited from fuel hedges, but keep in mind that they were in put in place by a forward thinking management.
When the hedges run out, I think we'll see additional creativity from SWA in controlling costs. The most obvious (and apparently popular) way to cut costs is to attack union contracts. SWA seems to view their employee groups as an asset, so it'll be interesting to see how they approach this [if that's how they choose to cut costs].
my 2 cents.....