RE:Great Management StrategyMaybe you are right and these high prices will last forever. But oil and gas prices are notoriosly fickle and cyclical. The biggest example of hedging is Mexico, which hedges a huge amount of its annual production of oil to avoid a worst case scenario. Insurance is not usually a profitable investment, especially life insurance. If you buy life insurance and croak, your ungrateful descendants reap the windfall and party for months with poledancers, mariachi bands and world travel.If you buy car insurance you hope to helll you never have to use it. Even if hedging 'errors", with the benefit of hindsight, were made in the past, that doesn't mean the company should give up.