Those miners who are hedged are put in the penalty box.
Frontier Airlines is already losing money. JetBlue and AirTran are on the edge, and Southwest, had it not hedged fuel, would be losing money. Anything with a wing has problems with today's fuel prices. But if oil had stayed where it was a year ago, like we thought it would, we'd be talking today about how profitable the airlines are today.
We feel as a long-term strategy having a portion of assets hedged is reasonable.
The refining margins are a surprise package. Looks like Reliance might have hedged its crude at a very good price during the year.