[Future Snake Eater]

What policies did Bush implement (that Obama has obviously carried on) to make the global price of oil explode like that?

[Ben Ficklin]

"What policies"

An interventionist foreign policy in the mideast.

Now, Obama has intervened because the liberal interventionists are influential in his administration but he hasn't militarily intervened, except for Libya because the liberal interventionists are also multilateralists.

But, if and when the bombing of Iran begins..............

Keep in mind that the NeoCon Republicans and the liberal interventionist democrats are foreign policy idealists and they want to intervene for idealistic reasons such as humanitarianism, nation building, and spreading democracy. They are opposed by the realists aka pragmatists who say we shouldn't intervene for idealistic reasons, only if it is in the US's interest.

[SampleMan]

What policies did Bush implement (that Obama has obviously carried on) to make the global price of oil explode like that?

Devaluation of the dollar.