An airline expects to purchase 3 million gallons of jet fuel on November 1st, and decides to use Gasoline futures for hedging (contract size=42,000 gallons). Correlation coefficient is 0.8, standard deviation of jet fuel is 0.032 and standard deviation of gasoline is 0.024. What is the minimum variance hedge ratio? How many contracts are necessary? Is it a long or a short hedge? Please explain your answers.