The Taft-Roosevelt-Wilson election in 1912 was not so much Republican versus Democrat, as it was Morgan versus Rockefeller. It's impossible to understand the history of the U.S. between the Civil War to WWI, w/o understand the war (and it was literally a war) that was being waged by Rockefeller and Morgan.
Ultimately, these two sets of interests united and joined powers, no later than when Stalin took power in Russia in 1924.. but ... before then, there was a vicious battle for control of the country, and the world, being waged between Morgan and Rockefeller.. WWI was largely an expression of this battle, w/ Morgan siding w/ Britain while Rockefeller sided w/ Germany. Both sides were fighting for Russia, w/ Morgan "paying" the way for the Communist Revolution in 1917, and (I believe, although I'm still trying to make sense of some of the historical clues) Rockefeller eventually grabbing a coup d'etat over there in Russia.. at least until Stalin came along and kicked them both out (1924), hence creating the need for Rockefeller+Morgan to unite, rebuild Germany, and finance a strongman in Germany (Hitler) to run back into Russia and reclaim those precious oil fields for Morgan/Rockefeller..
Anyway, point is, in 1912, the war between Morgan + Rockefeller was still in high gear. Taft was a Rockefeller man, Roosevelt and Wilson were Morgan men. Once you know that, the election kinda makes sense..
Um, Morgan and Rockefeller were in this type together before World War I. Both were instrumentally involved in the formation of the Federal Reserves in 1911 through their associates, much to Taft's knowledge (remember Taft was a 33rd degree Freemason).
Morgan wasn't interesting in the control of oil but the control of the oil industry's financial managements and resources through the British oil companies. Rockefeller wanted Russian oil 100% but the British involvement in the Persian oil fields veered him away from Russia (Middle Eastern oil fields have more oil than Russia's). Germany have the eye on that, too and hope to establish a connection with their Middle Eastern ally: the Ottoman Turks. The British saw the writing on the wall of a German-Turk Empire oil network and initiated a festering war in the Balkans prior to the Great War to distract Germany and the Habsburg Empire. Morgan and Rockefeller sided with the British when the Great War broke out. Germany never stood a better chance of winning the war throughout and the Ottoman Turk Empire fell apart after the war, giving the British an unprecedented control of the Middle East and the American a future in oil politics and geopolitics.
And the rest is history.