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I am trying to understand how Airline companies use heating oil to hedge jet fuel prices. The book I am reading recommends reading A. Ness, "Delta wins on fuel", Risk, 2001 for a good understanding of the subject. I don't seem to be able to lay my hands on this article; the Risk magazine website provides back issues only till 2002. I have also searched the internet but have not had success. Would greatly appreciate any help getting a hold of this article or any other that you think could give me the basics and perhaps a little of the math as well.Thanks

There is a good article in the Fall 2006 issue of Journal of Applied Corporate Finance entitled "Hedging and Value in the U.S. Airline Industry" that you may find helpful. Written by David Carter, Daniel Rogers, and Betty Simkins.

you can order a back-issue with this article from risk