http://blog.wired.com/cars/2008/09/airlines-hurt-b.html

Sort of a misnomer. The falling price of oil didn't hurt United Airlines; it's just that had they not hedged and paid in advance for oil at a higher price than it is now, they would be paying less for oil. They gambled that oil would go up, not down, in price. They lost. If oil were still $140/barrel, United's hedge would look pretty smart.

Andrew

Another example of what happens when you practice hands off big business.