"AA does not hedge fuel at all, their CEO says it is just not worth it in the long run."
Hedging , as a user, does make sense if
a) you can guarantee you'll need x amount of fuel
b) you can guarantee to make enough money to cover the costs (eg if you have a fixed price , long term contract to crank out widgets)
The problem with airlines is that they can't guarantee their income so it just becomes a bet