3 Airlines Killed Hedges. Delta's $150M Refinery Paid Off.
Three US airlines walked away from fuel hedging between 2014 and 2025. Delta owns a refinery in Pennsylvania. Since the Iran war began, UAL is down 13%, LUV down 24%, AAL down 17%, and DAL is flat. The 185,000 barrel-per-day Trainer refinery is no longer a curiosity. It's the only hedge that's working.