Bush is responsible for oil prices by letting OPEC monopolize the oil market. The Saudis and there counter parts could easily up the supply to set things back to normal prices, however I believe they are intentionally decreasing output as a sort of payback on the western civilizations. The problem is that in doing so they also fucked the rest of the world and some of their muslim brothers which is why you've lately seen this shift in reasoning and increase in oil production.

This administration has heavy ties with the Saudis and supplies them with many resources that help keep their country operational. The administration should threaten a unilateral embargo on US products and manpower unless they unfuck the economy.