“Most critically, the hedging contracts that have protected Southwest from spikes in the price of oil will offer less protection starting in January. (Registration required. No fee for access.)

“Paying market prices for a third of its fuel needs could add as much as $600 million to its bill next year, according to an analysis by the federal Bureau of Transportation Statistics. That is almost twice the $313 million profit that the airline made in 2004, and well above the $440 million analysts expect it to earn this year,” reports The New York Times.