Expressflight, I heard the same kind of thing... It will be interesting for those airlines who did their hedging at $120/bbl, the question there is, for how long did they hedge at that price?
Those who now hedge their fuel before it wanders back up (if the reports are anything to go by, there are a LOT of Lehmans brokers out there at the moment... watch them getting soaked up by the banks and them starting the cycle up again).
Sorry, I'm very cynical when it comes to the financial industry.
S.