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It's been a generation since energy issues have taken such a high profile in a presidential campaign, and both major party candidates are proposing ambitious plans to deal with the current energy crisis.

Democrat Barack Obama and Republican John McCain agree on the need to combat climate change and the necessity of alternative energy sources—but that's about all they agree on.

Obama calls for a huge federal investment into the development of alternative fuels, while McCain's main focus is on diversifying supply, in part through the increase of domestic oil production by drilling. The long-term nature of both these approaches means that neither will bring down gas prices in the short term.

We'll examine both candidates' proposals, outlining their approaches to create a comprehensive and lasting energy strategy for today and tomorrow, and the methods they propose using to implement that strategy.

Obama on Energy

Obama's energy agenda focuses on energy alternatives and efficiency. The Democrat calls for a $150 billion federal investment in biofuels and other clean energy sources such as wind and solar power. He would require that 25 percent of U.S. electricity be derived from renewable sources by 2025—an ambitious and controversial goal.

He also wants to make today's alternative technologies more accessible, including commercializing plug-in hybrid vehicles and making the nation's electricity grid "smarter" through computerization. Obama proposes job training for workers to service new energy technologies as well as tax credits for farmers and investors involved in renewable energy production.

The snag in Obama's optimistic plan is perhaps optimism itself. It calls for a very high level of federal investment. While much of it would be funded by eliminating tax breaks for oil companies, the plan may need to be adjusted now considering the diminished budget he would inherit after the recent financial crisis.

McCain on Energy

McCain is concentrating on domestic energy production—though not necessarily alternative energy—as the centerpiece of his strategy. He wants to lift restrictions on exploring and drilling for domestic oil and natural gas to make future supplies plentiful and counter the rise in oil prices.

He also sees potential in increasing the domestic use of nuclear power and coal. He proposes building 45 new nuclear plants by 2030, which he predicts will create 700,000 jobs and a vital new industry to manufacture nuclear power plant components. And he supports increased exploration for coal as an inexpensive alternative to produce electricity.

McCain suggests using tax credits to promote energy research, and extending the existing credits for renewable energy sources such as hydroelectric dams, wind and solar. He, too, would face the same challenges as Obama in finding the federal dollars to finance his proposed ideas in the current cash-strapped environment.

Drilling: A Short-Term Solution?

While the nation's immediate energy concerns have eased a bit with the fall of oil prices in the face of a worldwide recession, energy experts expect oil prices to return to higher levels once the economy stabilizes.

Neither candidate has an immediate answer to the United States' current energy woes, although McCain vigorously supports exploration and drilling for oil in the United States and the Gulf of Mexico.

Economists say that McCain's drilling option does not take into account the time it will require for oil to be delivered to the market. In the most optimistic scenario, additional drilling would take 10 years or more to produce less than one million additional barrels of oil a day, according to the U.S. Department of Energy.

The Democrats recently approved a limited lifting of the ban on oil drilling to move the process forward. Obama has said he would consider lifting drilling bans in some offshore federal waters, but opposes drilling into protected natural reserves.

Another key point of difference between the candidates regarding the immediate future is their approach to the government's treatment of oil companies—most of which have profited enormously from the energy crisis this past year. Obama has proposed an immediate $1,000 tax rebate to help people pay high-energy bills, which he wants to finance by charging a windfall profits tax on oil companies. McCain opposes any attempts to eliminate current tax breaks for oil companies or to impose to new taxes on them.