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Unhedged, the fuel cost over the 60 month period would have been $6,281,668,750 or $104 million/month. With a WTI hedge, the total fuel cost would have been $5,766,002,083 or $96 million/month with a standard deviation (volatility) of 2.49 million/month. With a Brent hedge, the total cost would have been $5,649,977,083 or $94 million/month with a 2.42 million standard deviation. Given the standard error of 7.95% for Brent variation and 4.4% for WTI variation the differences in the returns are not statistically significant with a 95% confidence interval ((.044*94 < 96-94). The volatility between the two hedges is also not statistically significant with a 95% confidence interval. See calculations under Appendix Exhibits
