That still isn't risk free, a producer could sell some futures contracts and not be able to produce on delivery; then they either have to sell the future on at a below market price (it will be closer to the spot) or purchase oil to make delivery. It only has less risk on the buy side.
Yes, this basically socializes the cost of figuring out how to hedge (assuming the state actually hedges, which it probably doesn't), since the intersection of oil producers and prudent users of derivatives is probably rather small...
