I've seen some talk of a floating hedge. Right now, you would end up looking the fool, or reaping a fortune.
Tradionaly, demand is NOT meeting these absurd prices. Demand has been down 5% or more, while fuel prices have continued to rise. I do not think it will be long before Gov't steps in... no matter what the special interest groups pay. Fuel is a sensitive enough area, that it could become a local senate campain issue.
Is it absurd when a used prius sells for more than a new one, and the wait list for a new one is 4+months???
All being said, aviation prices never seem to decline. A small hedge if you can afford it now is not a bad idea. If prices were to drop like some predict, between the hedge, and current prices on fuel you would be ok... and if prices go up, you would have a safety net.
All in all, Southwest, the mother of hedgers, doesn't seem to be buying any right now. You prob. would not be stupid to follow their moves