Ways to hedge oil price fluctuations

[Kenneth LaVoie]

I'm curious about ways to offset oil price rises. Being a stock market investor, I would think it might be possible to prudently hedge oil a bit, even partially, by either buying options or investing in an oil ETF (exchange traded fund). Sort of an insurance policy. The "deductible" would be dictated by how much of your oil use you "hedge" against. Has anyone else considered this? Thanks!