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Pricey fuel is the nemesis of Delta Airlines and its ilk. But buying Conoco Phillips’ idled plant would increase Delta’s risk. It wouldn’t hedge volatile crude prices and would leave the company exposed to the financial challenges of running a refinery. There are better ways to cut its costs.

The company certainly should be looking for ways to reduce its fuel bill. Gas guzzlers don’t come much bigger than Delta. With a $12 billion energy bill in 2011, the airline is the world’s largest commercial buyer of jet fuel. So last year’s 31 percent price rise stung.