The Wrinkle in the Airline Oil Protest

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 ... 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.