aircraft fuel our operations and financial results are significantly affected by the availability and price of jet fuel . based on our 2014 forecasted mainline and regional fuel consumption , we estimate that as of december 31 , 2013 , a $ 1 per barrel increase in the price of crude oil would increase our 2014 annual fuel expense by $ 104 million ( excluding the effect of our hedges ) , and by $ 87 million ( taking into account such hedges ) . the following table shows annual aircraft fuel consumption and costs , including taxes , for american , it's third-party regional carriers and american eagle , for 2011 through 2013 . aag's consolidated fuel requirements in 2014 are expected to increase significantly to approximately 4.4 billion gallons as a result of a full year of us airways operations . gallons consumed ( in millions ) average cost per gallon total cost ( in millions ) percent of total operating expenses .

Table:
year | gallons consumed ( in millions ) | average costper gallon | total cost ( in millions ) | percent of total operating expenses
2011 | 2756 | $ 3.01 | $ 8304 | 33.2% ( 33.2 % )
2012 | 2723 | $ 3.20 | $ 8717 | 35.3% ( 35.3 % )
2013 | 2806 | $ 3.09 | $ 8959 | 35.3% ( 35.3 % )
total fuel expenses for american eagle and american's third-party regional carriers operating under capacity purchase agreements for the years ended december 31 , 2013 , 2012 and 2011 were $ 1.1 billion , $ 1.0 billion and $ 946 million , respectively .
in order to provide a measure of control over price and supply , we trade and ship fuel and maintain fuel storage facilities to support our flight operations .
prior to the effective date , we from time to time entered into hedging contracts , which consist primarily of call options , collars ( consisting of a purchased call option and a sold put option ) and call spreads ( consisting of a purchased call option and a sold call option ) .
heating oil , jet fuel and crude oil are the primary underlying commodities in the hedge portfolio .
depending on movements in the price of fuel , our fuel hedging can result in gains or losses on its fuel hedges .
for more discussion see part i , item 1a .
risk factors - " our business is dependent on the price and availability of aircraft fuel .
continued periods of high volatility in fuel costs , increased fuel prices and significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity." as of january 2014 , we had hedges covering approximately 19% ( 19 % ) of estimated consolidated aag ( including the estimated fuel requirements of us airways ) 2014 fuel requirements .
the consumption hedged for 2014 is capped at an average price of approximately $ 2.91 per gallon of jet fuel .
one percent of our estimated 2014 fuel requirement is hedged using call spreads with protection capped at an average price of approximately $ 3.18 per gallon of jet fuel .
eighteen percent of our estimated 2014 fuel requirement is hedged using collars with an average floor price of approximately $ 2.62 per gallon of jet fuel .
the cap and floor prices exclude taxes and transportation costs .
we have not entered into any fuel hedges since the effective date and our current policy is not to do so .
see part ii , item 7 .
management 2019s discussion and analysis of financial condition and results of operations , item 7 ( a ) .
quantitative and qualitative disclosures about market risk , note 10 to aag's consolidated financial statements in item 8a and note 9 to american's consolidated financial statements in item 8b .
fuel prices have fluctuated substantially over the past several years .
we cannot predict the future availability , price volatility or cost of aircraft fuel .
natural disasters , political disruptions or wars involving oil-producing countries , changes in fuel-related governmental policy , the strength of the u.s .
dollar against foreign currencies , changes in access to petroleum product pipelines and terminals , speculation in the energy futures markets , changes in aircraft fuel production capacity , environmental concerns and other unpredictable events may result in fuel supply shortages , additional fuel price volatility and cost increases in the future .
see part i , item 1a .
risk factors - " our business is dependent on the price and availability of aircraft fuel .
continued periods of high volatility in fuel costs , increased fuel prices and significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity." insurance we maintain insurance of the types that we believe are customary in the airline industry , including insurance for public liability , passenger liability , property damage , and all-risk coverage for damage to its aircraft .
principal coverage includes liability for injury to members of the public , including passengers , damage to property of aag , its subsidiaries and others , and loss of or damage to flight equipment , whether on the ground or in flight .
we also maintain other types of insurance such as workers 2019 compensation and employer 2019s liability , with limits and deductibles that we believe are standard within the industry .
since september 11 , 2001 , we and other airlines have been unable to obtain coverage for liability to persons other than employees and passengers for claims resulting from acts of terrorism , war or similar events , which is called war risk coverage , at reasonable rates from the commercial insurance market .
we , therefore , purchased our war risk coverage through a special program administered by the faa , as have most other u.s .
airlines .
this program , which currently expires september 30 , 2014 .

Question: what is the percentage effect of the hedges on the anticipated increase in the 2014 increase in fuel expenses
Answer: 19.5%
Calculation: subtract(104, 87), divide(#0, 87)