a very close friend of mine went to visit her parents this weekend. her dad is c.f.o. for a public transportation sector company. like most (all?) such companies, her dad's company has been taking it on the chin with oil prices. but when she asked him why his company doesn't hedge against rising oil prices with oil futures, he said "we're not in the business of speculation." Huh? Am I missing something here? Does anyone know of a plausible reason why a company vulnerable to rising commodity prices would NOT hedge that risk with futures contracts?