Wouldn't it be great if Cathay kept their original fuel hedging policy while the price of oil was at $30 a barrel. I'm not an expert by any means, but the market always ebbs and flows and the use of hedging was meant as a means to try to stabilize large fluctuations in the cost of fuel. If Cathay would have maintained their original hedging policy they would have broke even and those original losses would be reversed as we would have hedged 5 years of oil at $30 a barrel while everyone else is paying over $100.
Bless Cathy's heart.