Helene Morales wants to back test a WTI crude oil hedge vs$.$ A Brent crude oil hedge. She takes a monthly hedge position of $20$ million gallons for $2012.$ This corresponds to a hedge of a total of $240$ million gallons, which is about a $45\mathrm{.}7\%$ hedge ratio if the annual gallons consumed stay flat at $525$ million gallons. Assume for simplification purposes, that JetBlue would use a simple futures hedge $($note: The WTI and Brent exchange$-$traded futures contracts are for $1,000$ barrels $=42,000$ gallons$).$ Use the $60-$months of $2007$ to $2011$ historical prices on jet fuel $($WTI and Brent crude oil$)$ to simulate what would have been the monthly jet fuel costs under three scenarios:

Without a hedge?

With a WTI crude oil hedge?

With a Brent crude oil hedge?