Indeed, while most folks think that Bush was pro-oil, which he was, domestic oil production actually fell despite the U.S. being engaged in the Iraq war, which further put upward pressure on oil prices. Finally, despite rising oil prices, oil consumption grew under Dubya who paid lip service to energy efficiency.
Put another way, the ideal situation for U.S. oil companies is to cripple oil production in areas that you do not control (Iran), increase demand by weakening energy efficiency regulations, and increase your flexibility to meet rising demand through greater rights to drill for oil either domestically or through areas that you control such as through partnerships with Russia. Also, some areas of the U.S. would benefit from rising oil prices such as the Gulf States, which are reliably red.
For example, look at how George W. Bush's favorite company Enron triggered power blackouts in California in order to inflate electricity prices in order to secure lucrative long term deals:
https://www.theguardian.com/business/2005/feb/05/enron.usnews
Tapes reveal Enron's secret role in California's power blackouts
This is all about very sophisticated market manipulation to maximize profits.
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