It's all politics. And Oil Companies recorded "record breaking profits" during the Bush administration. The United States invaded Iraq and many people predicted gas price would drop. But here is the fact.
Cheney predicted Iraqi output would return to 3 million barrels per day by the end of 2003. It never made it back to pre-war levels and was below 1.5M barrels/day in January according to the Wall Street Journal and the Associated Press.