Sure - at the moment SWA's fuel hedges run out in 2010, but they are buying new ones all the time. What for the life of me I can't figure out, is why are people selling fuel hedges two years in the future for such low amounts?

I can't imagine that SWA is the only ones who thought "hey, oil might go up - let's hedge". For all the money that SW makes from hedging, there's some speculator or financier losing their shirt.