I wrote an email to Tilton when oil went to $36 a barrel, asking why we aren't hedging with every dollar we could borrow. His (or his secretary's) reply? I don't understand hedging.. that the futures were well above $36.

I looked them up... they were at $40-$49 depending on the length.

I told this story to someone else that said we didn't have any money to hedge. I pointed out that we didn't have any money to hedge when oil was at $135 either, but somehow we managed to do it.

Now I'm probably the dumbest person on the planet when it comes to financing. But my 2 year old nieces could have figured this out.

Way to go, Glenn. Weren't you an oil guy?