Hi tkc,
I normally try to avoid responding this way, but you've made a bunch of points, so I'm replying to them one at a time right after the sentences you've written. I've used the 
to denote the end of your point and the beginning of mine.
"we can all recall when Bush/Cheney stated that freeing Iraq from Suddam Hussein would result in Iraqi oil repaying the U.S. for that war. That has not happened as yet." - I think it was wrong of Bush/Cheney to suggest this. It is an Iraqi decision and so does not belong to a US President. I think the US was mainly pursuing its own interests in Iraq (WMDs, or so they claimed) so I don't see a strong obligation in this case.
"Now we were instrumental in freeing Libya from Gaddafi's reign." - I think the US' interest actually was solely humanitarian in this case; it certainly made an important contribution, but the effort was led by the UK and France along with Libya's own people. Reminds me a bit of the modern US account of WWII, with the US as the primary player in the drama, rather than one of several actors in a play in several acts (with the US really engaging in WWII from, say, Act 3, and in the Libyan case, playing a supporting role after Act 1).
"I hope that Iraq and now Libya will use the proceeds from their oil wealth to improve infrastructure and their countrymens' well being." - Me too.
"Then, out of respect and appreciation, help the world stablize oil prices. They are a relatively small producers, but coupled they could have market price influence vis-a-vis OPEC." - I don't see them having much of an influence as Saudi can simply raise or lower its own production to combat whatever trifling things smaller players do; in Iraq's case I see no obligation either (see above). I know it would be nice to have cheap oil for some reasons, but there are other reasons why it is less of a good idea. Certainly I think it will concentrate the mind of Americans a wee bit if they don't get to consume endless barrels of cheap petrol. Maybe time to move away from a strict large car culture and move towards building collective forms of transport and cleaner forms of energy.
"Both those countries had so much of their oil proceeds pilfered by their dictators that one would think, sans that thievery, much would be left for the benefit of their citizens." - Hope so.
"I'm a fan of T Boone Pickens's plan for increasing wind power and using nat gas as the energy source for 16 wheelers to hopefully lead us towards energy independance." - I'm an enthusiast for solar power in parts of the US. Lotta desert in the South West. I'm a bit more sceptical of the environmental costs of natural gas. I know it is claimed by some that is a clean and efficient form of energy. I've read elsewhere that this view is challengeable.
"Anyway, that would be very helpful to the world economy, - and I'm a dreamer (w/o hallucigens)." - my friend, you should try some hallucinogens. Steve Jobs recommends it!
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