Andy

Does anyone have any idea how much SWA has lost on its fuel hedges? They've had to put up additional collateral during the entire drop in energy prices.

For that matter, Delta's got additional energy costs due to its Trainer refinery. The costs are hidden off balance in Monroe Energy LLC, but that's got to also be costing Delta a lot of money due to the crack spread compression.

Every single airline's in very bad financial shape and I don't see any of them passing on the government cheese. There will be strings attached, but I doubt that Mnuchin will make them onerous, as he's invested a great deal of time getting this legislation through Congress.