Hedging, Futures, Hedge Fund
And don't forget this is US$1Bn we are talking here.
If you are so clever at hedging then why bother running an airline, why not just be an oil futures trader instead and forget about all those pesky jets and crew. Or just run a hedge fund because it doesn't amount to much more than that. It is just a bet you take out with an oil futures trader who is now very happy that he won the bet.
Were these decisions taken at board level or was it delegated to a 22yr old new graduate management trainee?