What makes you assume that the fuel hedges will run out? I have read for years that SWA is toast "when the fuel hedges run out". It seems like the fuel hedges are not a one time thing, but a continual strategy and line of business for SWA. It doesn't seem like something that they did one time and got lucky on - seems like the do it all the time. SO, when the current hedges run out, the new ones will be in effect. Sure, those hedges may guarantee oil at $110 a bbl, but if the price at that time is $200bbl, then SWA still has remarkably better outcomes than carriers who didn't hedge. Just a thought, and I may be very wrong.