It sounds out there - the Saudis are raising oil prices and pulling out of the US currency markets to torpedo President Bush's re-election chances. But this is the kind of "conspiracy" theory that works. It isn't complex, it doesn't have a single point of failure, and doesn't require people to act out of character.
I've been wondering why gasoline prices have been slowly drifting up over the past year, even though the Iraqi oil production has been rising. As far as I know, Venezuela (the other oil-producing hotspot) is still producing oil at their normal rate..