Bill Wattenberg covered why its being covered up in a treatis on the impact to America if the world experienced a severe restriction of Saudi oil. Part of the wisdom of removing Sadam was to get Iraqi oil back on line, as this would help tremendously to ameliorate a loss of Saudi oil if and when we confront Wahhabism directly. You are correct that it must be confronted. But the situation is made much more complex when oil and the jobs of millions of westerners are on the line.
Bush is taking a very smart approach, and hoping at the same time that regime change will come through democratic process as much as throug military. (For example Libia, and what may happen in Iran.) Now at sometime in the next term, W may believe the oil situation has stabilized and we may hear those words, but not likely, it may be further down the road than that.
The free world must unite and declare war on militant Islam. The US must declare it as enemy. However, political correctness has other ideas.