Yes aluminum oxidizes readily. But the oxide of aluminum is corundum (or ruby) so it creates its own very hard protective layer. The surface on telescope mirrors must have a protective coating to prevent this.
Here is an interesting aside: Did you know that mercury causes aluminum to oxidize at an alarming rate? It prevents the aluminum from creating this protective barrier. Here is a pic of aluminum that has been coated with mercury after one hour.
And
here is a link to the article about this.
If you didn't know this already, now you know why mercury is banned on airplanes.