Glueball; Hedging your dollar currency risks by buying oil stocks is a questionable policy as oil is priced in dollars (404 - please correct me if I am wrong - I have never been anything other then an amateur investor). Yes, it is showing good price growth at the moment and it would be a kind of hedge against the fortunes of the airline industry (and therefore; your job) because it is a major cost element, but all you would be doing is going long on the price of oil (and its company); nothing else. That said, I think the price of oil will continue upward in the short to medium term, so I have a couple of oil related stocks which are doing quite well.
There are several products which will give you a straight hedge on the exchange rates, if that is your objective.