Shooting the moon on renewables

While McCain wants to drill more oil to fight $4 gas, Obama calls for an ‘Apollo project’ aimed at alternative energy. Should the government get involved?

NEW YORK (CNNMoney.com) — This week’s push for increased U.S. oil drilling – both offshore and in Alaska – is part of a longer-standing debate about the best way to solve the energy crisis: tap domestic reserves or put more emphasis on developing alternatives?

Presumed Republican presidential candidate John McCain called Tuesday for opening more fields off the East and West coasts to drilling. On Wednesday, President Bush reiterated that call and urged development of fields in protected land in Alaska, something McCain still opposes.

But experts say additional drilling would only boost production by about 2 million barrels a day. That’s about 20% of domestic oil production, but only about 2% of total worldwide demand, so its impact on prices would likely be marginal. In short, it’s not a long-term solution to the nation’s energy challenge.

CNN Money