Hedging losses occur, it's a fact of life. But they also can add stability to a volatile commodity that is a huge portion of an airlines total operating cost. When an airline is saving hundreds of millions or multiple billions they are portrayed as visionaries. The real truth is that over the long run hedging is a smart business practice that has ultimately added way more gains than losses, that is why it's done. If the financial gurus see any permanence to the low oil prices of late I would guess some major reductions in hedging, but that is the real trick to it all, accurately predicting the future.