European airlines are exploiting a collapse in oil prices by hedging more of their fuel needs further into the future, but those that kept their powder dry before the rout are emerging as clear winners, industry sources say. Global crude prices (LCOc1)(CLc1) have fallen around 60 percent over the last 15 months and European jet fuel (JET-C-NWE) prices have halved. This seems great news for cost-conscious travelers and profit-hungry airlines, which burnt through 5.4 million barrels per day (bpd) of jet fuel – 6 percent of all oil products globally – in 2012, the most recent U.S.