7. Fuel/Gas Price Origination Cost of Commodity at NYMEX Transport to local marketplace $-Price Lock takes place here Trucks deliver from terminal Product sold at retail
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11. How has our strategy performed? Hedge Price represents locked fuel prices bought in Jan/Feb Locking in a percentage of your fuel in the first quarter outperformed the market in each year but 98’ & 99’.
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13. If we bought gas in 2009 under this method, what would the outcome have been?