You can't really hedge a true shortage. You'll get some money, but you can't pump money into a fuel tank.
Euro airlines hedge quite a bit actually - Ryanair is one of the most hedged airlines around. US airlines do it a lot less these days; Delta has their own refinery instead.
Hedging won't make more jet fuel appear though
It looks like quite a few international airlines (most?) hedge their exposure, and some have even been increasing lately: