I don't know how many posts I've read here saying Republicans "wanted to regulate Fannie-Freddie"...?

Bingo! The GOP is pretty much hands-off when it comes to the financial sector. During their reign in Congress (1995-2007), Sen. Phil Gramm was instrumental in dismanteling government oversight of Wall Street and the investment banking sector. During this same time period, energy was added to the commodities market and commodities' rules were changed and allowed 7% margins (the % of the money that you buy in with that you actually have to have) and permitted buyers to not take possession (usually if you put money down on oil, corn, etc. and "win" you had to take what you'd bought). These rules changes meant that people with little money and no intention of actually buying anything could "play" the commodities market. This speculation drove prices up, including the price of oil.