Reading this report on a new piece of legislation proposed by Rep. Mike Ross (D-Ark.), it strikes me that there's far more room for compromise on environmental/energy issues than it might seem. Ross has proposed a massive investment in renewable and clean energy financed by the extraction of oil from ANWR and the Gulf of Mexico. The plan would also "create tax credits to build new nuclear power plants throughout the United States, with an aim of having 40 percent of the nation's power come from nuclear sources."

"We're not just trying to suck the oil out of the ground for no reason," said Ross, D-Ark. We're trying "to reduce our dependence on foreign oil and take the revenue from the sale of that oil and invest in all of these environmentally friendly and job-creating emerging technologies."....

Ross said the drilling in the Arctic and off the Florida coast called for in his bill would raise about $80 billion over 30 years. He said that money would be "more than enough" to fund efforts to expand tax credits to fight global warming, encourage renewable energy operations and help consumers buy plug-in electric and flex-fuel cars.

Whoever wins the election in November, there's going to be some attempt to address climate change. I tend to think neither party will be able to muster the political will for serious action once the enormous cost and uncertain benefits become clear to the public, but if they do, this is probably what it will have to look like.

John McCain doesn't support drilling in ANWR, but he's a strong supporter of nuclear energy and he's made investing in green technology a campaign theme. He also wants to see the implementation of a cap and trade regime to reduce greenhouse emissions. Obama holds essentially the same positions, only he's even more self-righteous than McCain on climate change and he's slippery on nuclear power (we need it, but we can't invest in it until every politically contentious issues is resolved and he doesn't have to risk taking a stand that would alienate voters).

Unfortunately for conservatives, this is where the debate has ended up--apparently we lost. Short of a decades long cold snap (fingers crossed), compromises will have to be made. And if liberals really believe their own hype on the issue, they'll have to compromise as well. Both candidates could mollify their critics by adopting a plan like this. McCain's opposition to drilling in ANWR drives conservatives nuts. If he wants cap and trade, the least he could do is throw us a bone on this one. And Obama's going to have to find some issue to move to the center on, it might as well be energy policy.

I think it all sounds like a pretty reasonable compromise.

HT: Glenn Reynolds, who responds to the proposal with a concise "good for them."