The Bush administration's policies (increased deficits, increased imbalance of trade) have caused the dollar to weaken against foreign currencies, especially the euro. They not only caused this, they are allowing it to abide, reasoning that if dollars are cheaper, foreigners will import more American products, thereby boosting our economy and increasing the number of jobs in the US.
Of course this hasn't happened, and the trouble is, the cheaper dollar--the currency in which oil is purchased--has now become a justification for OPEC's increase in target price for oil, which will cause higher gas prices and hence inflation in the US.
Upshot, Miserable Failure? We get higher prices, plus a lack of jobs. Wonderful.