Somewhat off thread but couldn't let this go unchallenged:-
fuel hedging. Well, for starters despite you bandying around headline figures, it's not a device for creating profit for the company, it's there to smooth out the highs and lows of the price of a commodity that we, in the west, are beholden to purchase at prices dictated by artificially defined OPEC production levels. A choice they actively make, rather than simply sucking as much out of the ground as the wells will bear.
This may have been the case in previous cases of oil crises but the spike last year was mainly down to "the market" getting carried away with itself on the back of speculators seeing a chance to make money out of betting which way the oil price would go. Normally Opec actually increases production to try and ease price rises to an acceptable level when demand soars but actually demand was falling but the price still going up. Companies were then hedging at prices which in retrospect were unsustainable given the already existing recession. Afterwards this action is usually given a couple of lines in the company results even though it has cost many millions and no-one seems to take responsibility for what actually was a cock-up. Opec does play its part but nowhere near as much as in the past.