Energy crisis? Not on the campaign trail

By Russell Blinch - Analysis

WASHINGTON (Reuters) - It has been called the 800-pound gorilla but it's getting scant attention in the U.S. election. And yet it could well be one of the most pressing issues facing the next winner of the Oval Office.

Energy security, or the nation's ability to procure oil whenever needed, looms large for the current and future president after oil hit $100 a barrel this week and put markets on a razor's edge between supply and demand.

Yet the issue tends to receive only passing mention in candidates' stump speeches, save for crowd-pleasing references to ethanol in the corn-growing states such as Iowa as a means of weaning America off evil foreign oil.

"Everyone's making the usual comments but none of the candidates has offered any practical details," said Anthony Cordesman, energy expert at the Center for Strategic and International Studies in Washington, who gives all the candidates poor grades on energy issues.

"On a good day you could give the best candidate a D-, but on most days you'd give them all an F+," he said.

President George W. Bush signed a new energy bill into law last month and while it makes significant strides boosting auto fuel efficiency and will render Edison's light bulb obsolete, it is still seen as incremental and long-term in battling America's oil addiction.

Growing economies such as China are now competing directly with the United States for energy supplies and there is heightened concern that another Katrina-sized hurricane or a successful attack on a Mideast oil installation could upset the delicate balance.

"Anything could change the dynamics," said William Kovacs, the Chamber of Commerce's vice president for energy and environment.

"We are as close to an imbalance as you can get. You could have a supply disruption almost anywhere; you could have OPEC cutting back; you could have civil war in Pakistan spilling over; you could have pipelines being cut off in Europe. You name it, it's there."

Besides the long-term goals of conservation and developing alternative fuels, the U.S. government needs to focus on the flow of energy supplies in the short run as well.

Kovacs despairs that the White House hopefuls show little concern over the immediate threats to energy security.

"You name me one candidate who is talking about supplies of energy which is what energy security is: Can we get the energy when we need it?"

SENSE OF URGENCY?

But with homeowners already paying record winter heating oil prices and gasoline forecast to hit a record $3.40 a gallon nationwide this spring, the candidates may tap into consumer angst over energy issues.

Mike Huckabee and the Republican field tend to back market solutions on energy issues while Democrats such as Barack Obama support capping carbon emissions and tougher fuel efficiency for Detroit.