Gulf war 1 was a mistake.
Bush II's path was more or less set due to Gulf War 1
During GW 1 the USA, Uk etc. sent troops that were on Saudi soil -- and this angered and angersjihadis who say no infidel troops should set foot on the "holy soil" of Saudia.
The fact that there is truth to your points it does NOT mean that Gulf war 1 or 2 were a mistake, or that we would have been better off had we not engaged. The US was still very dependent on foreign oil. Thankfully much less so now. And we were not the only ones. The choice to leave Saddam run roughshod over the ME would have had very bad potential consequences. The folks that cried "it's all about oil" were not 100% correct but oil was and is a vital, global resource. We took it on ourselves to ensure the free flow of oil at market prices because it was in our interest to do so AND we had the ability to do it.
Now, once we are 100% energy independent I become much, much less interested in helping the ME in any way, especially now that we've seen how we were rewarded by our unselfish and altruistic attempt to introduce Democracy into Iraq and Afghanistan.