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Delta buys refinery to cut fuel bill
■ Delta Air Lines has agreed to buy a US oil refinery from ConocoPhillips for around $150m (£92m), in the most audacious move yet by an airline to tackle escalating fuel costs. Delta said the first ever purchase of a refinery by an airline would allow it to knock some $300m off its annual jet fuel bill, which reached an eye-watering $12bn last year. The move marks a departure in an industry which has typically used methods such as hedging to lock in prices and reduce exposure to volatile fuel prices. Delta said production at the refinery along with other agreements would provide 80 per cent of its fuel needs in the US.