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.