Ira, you can list simple facts without making a meaningful statement. What does it mean that "it all happened on Bush's watch"? Blame him if you can show he was responsible, otherwise it is a baseless inference.

Oil prices are up largely because of global demand, as noted on CMM
(http://money.cnn.com/2008/06/17/markets/oil.ap/index.htm?postversion=2008061706)

• The issue really is global oil demand is growing at a reasonable pace and supply is still playing a catch up game," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. ... Demand has appeared to ease in the U.S. and other rich nations but remains strong in China and parts of Asia, he said. ... Other factors supporting high oil prices included the European Union's plan Monday to impose new sanctions on Iran's oil and gas sectors to discourage it from developing nuclear weapons, he said.