Negatory. Most of the majors have only about 30-40% of their 2007 and 2008 fuel supply hedged. The rest is bought on the spot market. And if they want to roll the dice, any future hedges will have to be locked in at current levels.

I saw two oil industry analysts argue about the direction of crude prices. One said he thought it will collapse to below $75, the other thought it would keep climbing to $150. It just goes to show that not even "experts" know what's going to happen.

'Course if there's a recession, oil prices will fall, but the bad news is, then there's a recession (duh!).