Furthermore, I agree with you that a regime change in Iraq must be effected. Either that or a lasting isolation of Hussein and the Ba'athists that can only be achieved by a credible threat of invasion. Bush and the administration seem to be doing an incredible job on that front, imo.
My concern is that the Indians, North Koreans, or Chinese might be tempted to do something really stupid and dastardly while we are preoccupied with Iraq. In that case, Sharon would be tempted to gut the Palestinians because we would not be in any position to stop him.
I may be naive, but I am not too worried about an oil embargo--a serious one at any rate. That is the trigger for pushing the US to total adventurism in the M.E., a fundamental redrawing of maps, elimination of ruling families, etc. We can only regard an embargo as a weapon of mass destruction at this point.
European history has consisted of population transfers, expulsions, and invasions for four thousand years. Most of them have involved moving actual populations, sometimes their complete destruction, and not moving a people with no real history as a nation a few dozen miles. The idea that the Europeans have any moral standing to condemn the survivors of a massacre that the Europeans perpetrated 60 years ago in their need to ensure their survival is too ridiculous to comment on.
In any case, the Europeans are beginning to come to the realization that they are in a fight against the Islamists for their own survival, and that fight is likely to become increasingly bloody as the months and years go by. This realization has been shown in the last couple of years by the rapid rise of the European right and far-right. When the Europeans start killing their own Arabs, they are hardly likely to quibble at what the Israelis do.