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So, for better and worse, “voters of conscience” are relegated to the too often, too hapless party of wafflers and hedgers.

Excluding Hess and Apache, the two highest hedgers, the group held only 428 million barrels.

Another group of inveterate hedgers are international banks which, by the nature of their business, will have both assets and liabilities in a wide range of currencies.

Foreign currencies were being bought by holidaymakers and hedgers alike.

A spokesman for Southwest, the largest hedger among U.S. airlines, said last week that it actively participated in fuel hedging and has not changed its overall philosophy.