I think that HW was a reference to George Bush, especially since they're both apparently going after oil in the dessert.
I don't think it's a reference to Herbert Walker. HW is a good person, at least I think so. Herbert Walker...well, I'll let you guys make that judgement.
yeah i really like to think it's not a reference because i sort of like that the film is so...of it's own. it can work as allegory or metaphor but only if you look for that. HW being herbert walker seems too...saturday night live for me.
And even though both Georges were in the oil business, George, Sr.'s dad was a broker or something. Anyway,I think of them more as a political dynasty.