The cost of energy is a big concern on people's minds and naturally figures heavily in the electoral rhetoric heading into November and it will only get heavier. But, of course, that's about all it will do. The blunt reality of it all is that nothing either McCain or Obama have in mind will lower energy costs in the short term....and pretty much for the longer term. This is of course is not really a shocking revelation to many but it does put on damper on the hopeful and uplifting feeling many will get when listening to their preferred candidate speak on the matter.

Via The Economist and earlier via Mark Thoma , we have an interview with MIT professor Robert Pindyck assessing the energy policies of the candidates and energy realities binding them to real life.

To those with some memories, this territory has been covered in some previous diaries. An optimistic look at emerging solutions vs. empty chatter. A more glum assessment . See also here .

Pindyck with the unsexy truth:

Neither of the candidate's plans would have any impact [on short term energy costs]. The one exception would be McCain's proposal to eliminate tariffs on the importation of Brazilian ethanol. It would immediately reduce the cost of ethanol...

Most of the proposals are political and they involve subsidies to alternative energy sources. A lot of those subsidies are just ways of providing pork for different groups...

Look, what are going to be needed ultimately is a tax on carbon and a tax on gasoline -- a large one. Another way to have a tax on carbon is to have a cap-and-trade system so you only allow a certain amount of carbon dioxide to be emitted. That will raise the cost of carbon. A gasoline tax would greatly reduce gasoline use. It would create the incentives we need for other energy sources, including conservation.

No candidate is willing to get up and say, "We need a to have a high tax on gasoline." In fact, McCain wants to suspend the federal tax on gasoline for the summer and Obama didn't. Nobody is going to say, "We want to make sure we have a tax in place so gasoline prices are always going to be high." That encourages people to drive smaller cars and to conserve and that brings about investments in new technology. When people know that gas prices and fuel prices will stay high because of taxes, it means they have incentive to develop alternative energy supplies.

IOW, they cannot show the way. All they can do is block or obstruct one way knowing people will need to find another. Who's ready to do that? Well, neither in my opinion.

Yet another reason to just think about foreign policy and keep low to no expectations on most of the rest.