Something’s not right here. International Airlines Group, or IAG—the parent company of British Airways, Iberia, Aer Lingus and Vueling—is spending more money on fuel this year than last year. And that was true even in the third quarter alone, when every single other airline in the world that has reported—even those flying a lot more capacity this year than last—saw total fuel costs decline. Oh, the misfortunes of over-hedging.
