This is what happens when the same people who can’t figure out how not to lose your luggage try their hand at oil hedging:

Northwest Airlines saw a profitable third quarter turn into a $317-million loss because of a noncash charge related to fuel hedging.
Excluding the charge, Metro Airport’s largest carrier posted a profit of $93 million or 35 cents per share, the company announced Wednesday.
The $410-million charge is based on locked-in fuel contracts that may be higher than the actual price of fuel in future quarters. It is an accounting charge that reflects the loss in an asset’s value.

As for the rest of America who didn’t lock oil in at $140, it traded below $70 yesterday on continued fears of a recession.