Want a hedge for high oil prices? Try oil company shares

What's one way you can hedge against a near-inevitable rise in oil prices?

Buy shares of integrated oil companies, which are at their lowest price levels, on a price-to-earnings basis (P/E), in more than a decade.

Oil and gas producers in the MSCI World Index traded at a P/E of 7.84 in June, less than half the 17.1 P/E for developed markets, data complied by Bloomberg News indicated.