Sky-high prices for crude oil, gasoline, coal and others, as well as the boom in biofuels, have put energy front and center for many consumers. For some investors, it's also been a reason to smile. The latest energy spike to hit the US is also stirring a number of policy debates, ranging from conservation to alternative fuels to some form of carbon tax. One thing is certain, the next president will play a key role in any legislation.

ENERGY

John McCain (R)

In April, proposed a gas tax holiday between Memorial Day - Labor Day period (also wants the US to cease buying oil for the Strategic Petroleum Reserve during that time). Supports a cap-and-trade system for greenhouse gases; plans to reveal a complete energy plan in the near future.

Barack Obama (D)

Wants to wean America of its dependence on foreign energy though measures that include strengthened CAFÉ standards, the creation of a National Low Carbon Fuel Standard (NLCFS), and the expanded uses of E85 and other renewable fuels. Supports a cap-and-trade system for greenhouse gases. Opposes McCain proposal for gas tax holiday. Plans to invest $150 billion over 10 years to spark research and development of renewable energy technology. Aims to reduce oil consumption by 3 million barrels per day by 2018.

CNBC POLITICS BLOGS

Money & Politics with Larry Kudlow
McCain-Palin? I’ll Be Thrilled
One-On-One with Austan Goolsbee, Obama's Econ Man

Political Capital with John Harwood
Democratic Convention: Three Headlines -- and Questions
Obama Family: Crucial Symbol in Dem Convention

ADDITIONAL POLITICAL COVERAGE

MSN: Politics And Your Money
Tracking the impact on the economy and your wallet
MSNBC.com Politics Home
Decision '08
iVillage: Election 2008
How She Will Decide

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