d. The long position makes $0.00 per gallon and the short loses $0.25 per gallon e. It depends on whether or not the contract is exercised 35. United Airlines enters into a forward contract to buy jet fuel from an oil refinery in January 2023 at a forward price of $3.55 per gallon. If the spot price of jet fuel on maturity date (Jan 2023) is $3.85, what are United Airlines' and the refinery's payoffs from this contract? a. The long position makes 50.30 per gallon and the short loses $0.30 per gallon b. The long position loses 50.30 per gallon and the short makes $0.30 per gallon c. The long position makes $0.30 per gallon and the short loses $0.00 per gallon d. The long position makes 50.00 per gallon and the short loses 50.30 per gallon e. It depends on whether or not the contract is exercised