I see OPEC are claiming that they are pumping at full capacity, and oil shortages / high oil prices are nothing they can do anything about.
High oil prices might be expected to lower Bush's approval ratings.
When the WTO found that Bush's protectionism on steel was against its rules, Bush ignored it - until the the EU threatened retaliatory economic measures aimed deliberately at Election 2004 Battleground States.
My point is that other countires that have been peeved at Bush over the last 4 years have their own methods for making things hard for his administration in the runup to the election. Conversely, those countries that prefer Bush over Kerry can make things easier for him (example: Russian troops Putin made available).
Bush will certainly seize on all examples of the latter to boost his image. We should be on the lookout for the former, and see them as raw material for talking points.
1st talking point should be: what is Bush doing that is pushing up the price of Oil so much?
Any other examples?