Uploaded March 2026 | Updated September 2026, 41 minutes ago
Airlines are notoriously terrible businesses because they have no control over their largest expense: Jet Fuel. Usually, airlines try to protect themselves by buying complex financial derivatives on Wall Street (paper hedging). But in 2012, Delta Air Lines did something completely insane. They bypassed Wall Street entirely and just bought a massive, physical oil refinery in Pennsylvania. Competitors laughed, calling it a distraction. But over a decade later, that single refinery generates roughly $7 billion in annual revenue for Delta, acting as a massive "physical shield" against fuel shocks and giving them an undeniable mathematical edge over American and United.
Footage: Shutterstock
Inquiries: behindasian@gmail.com
Brought to you by the Behind Asian Team.
Airlines are notoriously terrible businesses because they have no control over their largest expense: Jet Fuel. Usually, airlines try to protect themselves by buying complex financial derivatives on Wall Street (paper hedging). But in 2012, Delta Air Lines did something completely insane. They bypassed Wall Street entirely and just bought a massive, physical oil refinery in Pennsylvania. Competitors laughed, calling it a distraction. But over a decade later, that single refinery generates roughly $7 billion in annual revenue for Delta, acting as a massive "physical shield" against fuel shocks and giving them an undeniable mathematical edge over American and United.
Footage: Shutterstock
Inquiries: behindasian@gmail.com
Brought to you by the Behind Asian Team.
