In simple terms, the way it works is this.
You think that the price of fuel might rise next winter, so you purchase options on an equivalent tracker product (eg No 2 Heating Oil which closely correlates the movement of jet fuel).
These options give you the right - but not the obligation to buy the product at that price at that future date. You'll pay a premium for the options - how much depends on the volatility of the market and the strike price.
When the time comes to exercise your options, if the market price is higher than the option value, then you're 'in the money' and you've made a profit. If it's lower, then you just let your options expire.
You then trade the No 2 for Jet with one of the oil companies on a porduct swap basis and you're 'A' for away!
To reiterate - if the market price is lower than the option price, then you just buy fuel on the open market. So no, the low price of fuel is great for everyone - except the oil companies!