I wish the fuel hedging program had been ended in June/July of this year. Than there would be no loss in September!! (And a waterfall of cash to the tilt) Seriously, the hedging program is like coin, it has two sides. The advantage is predictability the downside is, it costs money. Always!! I am OK with SWA paying for their fuel ahead of consumption. (or in arras of consumption) As long as there is a thought process included. That is, the time of paying for the fuel must vary with the estimated future price of fuel. If the program, at all times, is the same, than the cost can hardly justify the predictability. Management probably still have authorization to buy back stock, would be effective at prices prevailing at this time. Now cash is probably tied up in the hedging program making this impossible..
Paul C Horn
SWA fan
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