Upgrade: Travel Better notes the irony in United’s expected $500 million loss from speculating on oil prices.
Weren’t they among the ones telling us — just two months ago — that speculation was evil, the source of high fuel prices, and shouldn’t be permitted?
All the while they were, umm, speculating. Badly.
Now we know they were really just asking Congress to save them from themselves.
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Certainly ironic, though the airlines consider themselves as fuel hedgers, not speculators. Not that there is a difference.
Oh, and Continental is in a similar situation, with ~40% hedged over the next 6 months at $120-140/bbl. Not good for them, either.