Exactly this. Fuel costs for airlines aren't reflected in the oil price today, but of the oil price covered by their hedging contracts. Hedging, as you obviously know is a tactic that has the goal of making fuel prices 'flat.' Gary Kelly architected Southwest's fuel hedging strategy and pioneered the practice in airlines; it was the reason Southwest was profitable during the $120 per barrel era. You can bet airlines are loading up now on futures contracts.
My point is that fuel surcharges and costs today don't reflect the price paid at the pump.
My point is that fuel surcharges and costs today don't reflect the price paid at the pump.