Airlines don't purchase jet fuel the same we buy unleaded gasoline at the pump for our automobiles. They fuel hedge. When you purchased the ticket back in the summer of 2008, the airline makes an educated guess to what the fuel price will be when you depart and return in 2009. Other investors and bankers place money to back that hedge.
Although, I think it would be fair (too bad life is not fair) to issue a partial refund AFTER the journey IF the price of fuel was less than the estimated cost. But others may argue that would give the airlines a right to CHARGE EXTRA during the day of departure if the cost is more.
Still, I think the term "fuel surcharge" is stupid. The airlines should just include that cost with the fare. I hate it when my $9.00 home phone bill turns into a $24 bill after taxes, municipal fees, and yes, a CUSTOMER SERVICE FEE.
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