Whenever there’s a story about Southwest Airlines’ much-publicized fuel hedging strategy, there are lots of questions about why other airlines don’t do it. The answer? It can be risky. The example? This Houston Chronicle report notes that Continental’s most recent fuel hedges have a price floor of about $121 – around $8 higher than the current market price. They have the option not to exercise those options, so it won’t be a concern, but it just shows that while Southwest’s strategy is obvious when it’s working, today’s volatile oil market shows why hedging, while wise, can also be quite risky.