This is always one of my favorite quotes, and it usually underlines the ignorance of whoever says it.

Ryan, if you know what fuel futures are going to do, you shouldn't be a pilot for the airlines, you should be a finanacial planner for the airlines.

All airlines will continue to hedge. Some more effectively than others. You have no idea how effective any of the airlines hedges will be at guessing the future cost of fuel, so how can you say that anyone's hedges will "run out".

SWA did a better job of hedging in the past, and I'm willing to guess they'll do a better job of hedging in the future.