Southwest Airlines saw the fuel spike coming and locked in on fuel rates for several years.....
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Southwest is riding out the fuel price spike better than most thanks to some advance planning that will keep its costs lower than other airlines for the next five years. The airline gambled on fuel hedges and, for 2005, is paying just $26 a barrel for 85 percent of its fuel. Oil is now trading in the $65 range. Southwest has diminishing percentages of those hedges for another five years. So, it's not much of a surprise that Southwest stock jumped a percentage point on news of the Delta and Northwest bankruptcies.
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article from here
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