DELTA HEDGE

WHEN YOU SPEND $32 MILLION A DAY ON FUEL, PERHAPS IT MAKES SENSE TO BUY A REFINERY.

MARY JANE CREDEUR

PHOTO ILLUSTRATION: ERIK S. LESSER/BLOOMBERG

DELTA AIR LINES, whose 2011 bill for jet fuel was $11.8 billion, will spend $150 million to acquire a Philadelphia-area refinery that was slated to close. Here’s how this vertical integration experiment will help the airline manage its fuel risks.

REFINING COSTS ARE $2.2 BILLION OF DELTA’S ANNUAL FUEL COST.

DELTA AVOIDS PRICE SPIKES CAUSED BY REFINERY BOTTLENECKS.

SAVINGS FOR DELTA MAY REACH $300 MILLION A YEAR.

KEEPING THE PLANT OPEN ENSURES SUPPLY AT NEW YORK AIRPORTS.

$27 a gallon

PRICE U.S. MILITARY IS PAYING FOR 450,000 GALLONS OF AVIATION BIOFUEL TO TEST IN ITS FIGHTER JETS

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