AA's fuel hedging has it likely paying more than the current daily spot price - such is the risk of doing this. It will take them weeks/months to get out from under these to where they are paying sufficiently lower rates again. Only then would it make sense for them to drop the surcharges.
But of course - the "surcharge" is only compensating for the cost of fuel - therefore should not allow them additional margin - yea right...
Either way, don't hate the player - hate the game....
Michael