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  "notes": "The chart illustrates the divergence between system average fuel prices and spot prices, with annotations explaining hedging benefits and penalties.",
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      "text": "Where the system average is lower than the spot price, as was the case through mid-2011, carriers are benefiting from effective hedging.",
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      "text": "Cents per gallon: 38.5%",
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      "text": "Exhibit 4 shows the average fuel price paid by US carriers in comparison to the average spot price. Where the system average is lower than the spot price, as was the case through mid-2011, carriers are benefiting from effective hedging.",
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      "text": "Source: Oliver Wyman research based on US DOT (Form 41) Fuel Cost and Consumption Report and US Energy Information Administration data.",
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