Buying fuel is an integral part of operating an airline, so of course they factor in their cost of fuel (which is net of hedging activities). If LUV were making huge profits speculating in copper or wheat, which is not integral to the operation of an airline, the argument that "they only make a profit because of futures speculation" would make some sense, but in the case of oil I think it's silly to think that they need to make excuses for taking steps to limit the cost of something they absolutely must buy to operate their business.

Correct me if I'm wrong, but it almost sounds like you're trying to somehow make the claim that WN is selling it's product below cost. WN has been profitable for 68 consecutive quarters and 35 consecutive years. Obviously they do not sell their product below cost on average over any significant period of time. No other US airline can make the same claim.