I think if we lifted sanctions, Iraq would cooperate under threat of reimposition. But, It's not going to happen, because US has demonized Saddam so much, it's almost impossible for them to negotiate with him. So instead of this turning into another Cuba, another US foreign policy folly, we should go in and take him out. It's really unfair to have sanctions in place on the Iraqi people without making attempt to either deal with Saddam or take him out.
Strategically, removing Saddam is not going to be very useful to us, because without threat of Saddam, there is no reason for Saudis and Kuwaitis to be nice to us, and if there is a new government in Iraq they will rejoin OPEC and basically we'll lose a source of oil that we now control under sanctions regime. With Iraq a free player on the oil market, they will be more likely to try to manipulate the oil prices.
Also, I hope Americans appreciate what the Russians are doing for us by keeping supplies flowing and keeping down the oil prices, which is a great simulus for the economy. They could be profiteering with OPEC