British protection of Kuwait goes all the way back to late 1800's early 1900's when Kuwait received British protection for political autonomy. Britain granted them independance in 61, and that's when Iraq first made claims that Kuwait had been part of the Ottoman empire and had a right to them. Everything I've read however from historians suggest that Iraq's claims actually had very little historical basis.
I do understand what you're saying about admiring Saddam for not being pushed around by larger nations. If you put aside anything he's done to his own people, that is a rather admirable face to put on your nation.
The U.S.'s involvement in the Gulf War however had a larger and more consensual basis than this last war has. Before the U.S. was even involved Arab states tried to mediate the conflict where they set up two conferences in Saudi Arabia. The day after the second conference is when Iraq invaded.
'The United States sent more than 400,000 troops, and more than 200,000 additional troops came from Saudi Arabia, the United Kingdom, France, Kuwait, Egypt, Syria, Senegal, Niger, Morocco, Bangladesh, Pakistan, the United Arab Emirates, Qatar, Oman, and Bahrain. Other countries contributed ships, air forces, and medical units, including Canada, Italy, Argentina, Australia, Belgium, Denmark, Greece, Norway, Portugal, Spain, Czechoslovakia, New Zealand, the Netherlands, Poland, and South Korea. Still other countries made other contributions: Turkey allowed air bases on its territory to be used by coalition planes, and Japan and Germany gave financial support. The initial goal of the force was to prevent further Iraqi action, but most countries were aware the force might ultimately be used to drive Iraq from Kuwait.' - encarta
To say that the U.S. wanted their hand in the affairs of oil in the region is no history. However, the opinion of many nations, including Arab ones were that they feared Iraq's territorial goals, and were afraid that Iraq would attempt to control the Arab oil supply. As much as a U.S. controlled oil supply is undesirable, that control in the hands of any nation and especially one like Iraq at the time is highly undesirable. Hence the large opposition by many nations.