Olive oil is definitely better than no oil. Especially in a dry Nevada summer. Just be sure you rub it in nice and good, give a couple coatings, and then believe it or not, let it sit in the sun. It helps open the pores in the wood and soak it in a bit better. then one final coat and polish thereafter
I do it all the time to my wooden grips on my revolvers and rifle stocks. And yes, olive oil is definitely cheaper.