That may be part of it, but as your parent comment mentioned, the Republicans weren't only worried about peak oil and being dependent on unfriendly governments, but also about climate change. Of course, none of these three problems went away, the point where fossil fuels will be exhausted just got pushed further into the future, and the fact that it will take more and more effort and environmental damage to get to the remaining resources is also undeniable.

But yeah, I guess your answer still applies indirectly: Fracking -> stronger interests by US oil companies -> money to the Republican party -> fossil fuel friendly regulations.