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An interesting story crossed last night: 12 airline CEOs sent an open letter to regular travelers asking them to help lobby Congress to curb oil speculation.
The action in and of itself isn't that big a deal. It's more of a big PR move to continue the ongoing "lets-blame-the-speculators" game to offset the fact that airlines have to raise prices and cut amenities, like movies, to make a profit. A noteworthy story and maybe a nice photo opportunity down the road, but in terms of earth-shattering developments, no.
Nonetheless, there's an interesting wrinkle. One of the airlines is Southwest [LUV
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] ... an airline that has been hedging its fuel bets quite well. The folks on Fast Money back in May even commended the CEO for the airline's adroit speculation: "The best oil trader on the planet." (See the video ... the interview starts about half way through).
Go figure.
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