Mark Mitchell

By the way, just quickly back to the Delta Airlines thing on oil.

So Qantas yesterday announced, and this is the interesting interface between what's going on in the world at the moment and the sort of pressure that must be on Trump to do something about this.

So the Europeans are talking about this material shortage issue.

of jet fuel there coming summer and yes you can cancel flights and yes it doesn't really affect anybody because most major airlines run a series of flights that aren't particularly full they can kill those fairly quickly and just pack everybody else into the remaining flights so not the end of the world but the fuel expenses for Qantas was announced yesterday have gone up 800 million dollars that's not the bill that's how much it's gone up by

to somewhere between $3.1 and $3.3 billion just for the fuel.

So they're redeploying big craft on the North American routes and they're getting them into Europe because, of course, no one can fly through the Middle East at the moment.

So that must be killing them, which is why I'm optimistic about New Zealand tourism and to a degree Air New Zealand.

although they are limited by planes and seats.

And surely this must be one of the best parts of the world to go at the moment.

If you're going to Europe or Europe's coming down here, you're going through Asia, you may be going through America.

If you're not going through the Middle East, this is all good for us.

But anyway, this thing I discovered yesterday that I hadn't known about was Delta.

They bought the trainer refinery to directly control their expense of jet fuel.

They did it in 2012.

It's in Pennsylvania.

They called it a physical shield against market spikes.

I mean, how fortuitous was all of that?

And at the time, they do 185,000 barrels of crude a day.

So that basically allows Delta to secure the jet fuel at a much lower cost.

And it helped save, they think then, and this was back in 2022 when the last fuel price surge came along, it was saving them $785 million.