A few small holes in the theory
--If Bush, or some other Secret Right-Wing Cabal, actually was the force behind gas price increases, timing the consumer smackdown for a critical election seems a bit counterproductive, and tuning the prices back down again after Obama won seems even weirder.
--Oil company financial reports are open to the public. There's no big secret as to where the money comes from and where it goes. I've looked at them. Have you?
--Private American oil companies don't set the oil prices.