They used the government money (from the sep 11 airline bailout money) to buy numerous fuel contracts that would secure low fuel prices for years to come.
That's the same money that AMR,DAL,USAir,NWA,UAL,CAL and every other airline that was forced to shut down for those day's. Some took government loans also. The bailout was 5 billion cash and 90% went to passenger airlines. Payouts were based on market share which SWA was probably low teens. Another 10 billion were in loans that the airlines could apply for. SWA did not take any loan money. SWA did 5.5 billion in revenue in 2001, had 355 aircraft and paid 770 million in fuel by the end of 2001. Fast forward today. 18 billion revenue, 683 aircraft and will have a fuel bill of about 5.5 billion. I doubt a couple hundred million dollars in bailout money in 2001 has made all that growth possible.
He placed a huge bet on fuel (with money that wasn't his) and it paid off big.
I wonder what the other carriers did with that money. Let's see, a bunch went bankrupt, some paid nice bonuses to management and the best part, took government money and then furloughed. I'm not sure but I don't think SWA ever furloughed.
Bottom line is managements likes to say labor costs were "high" right after 9/11 but ALL were in heavy in debt and mortgaged everything they had. That's the killer.