Originally Posted by
gloopy
Is that loss estimate a total loss relative to fuel or just a line item loss relative to the hedging?
Even if we "lose" money on hedging, we still benefit from the drop in price, we just wouldn't save/gain as much in that case as if we didn't hedge.
You are correct. The "loss" is on our hedging activities.
Overall, we will still have lower fuel costs. We don't hedge 100% of our fuel.
We just could have saved an extra $2 to $3 billion if we didn't "hedge" at all.