Enjoy the 'cheap' fuel while you can. BA are currently hedging their 2006 fuel at the equivalent of $78/barrel. Expect $100/barrel by mid 2006. Flying is going to become rather expensive.
The traders on NYMEX don't see it that way. Crude oil futures for 2006 are around $61 per barrel. 2007, 8, 9, 10, 11 are around $56 per barrel. BA are probably just hedging a portion of their fuel costs 'just in case' and in any event will be passing on this extra cost to their punters with their sneaky fuel surcharge (which should disappear if BA are correct - yeh right). I'd be more interested in what Ryanair are doing, they have good form on hedging their fuel bills, BA don't. The markets are currently saying fuel will stay high for the forseeable future, but not that much higher than today, and certainly not $100 per barrel.