Democratic presidential candidate Barack Obama and Republican rival John McCain proved effective in firing up their voting base in the run-up to the November elections.

While falling oil prices might have defused the political potency of the energy issue, energy policy—and, in particular, the future of oil—still remains a key area for both parties.

Obama's call for major government investment to create a new energy economy might lack the crowd-pleasing element of the Republicans' call to "drill, baby, drill," but behind the rhetoric there are some key differences, as well as many similarities, in the proposals of the two candidates.

Both candidates, along with almost all Americans, are in broad agreement on the new energy...