Just thinking out loud about how it might go...

Tim Russert: Sen. Obama, a hypothetical scenario. Large sections of the Alaska pipeline have been destroyed by a major earthquake. Estimates are that it could take up to two years to repair it. What would you do?

Sen. Obama: Well, Tim, your question is a reminder of why we need forward looking policies based on rational and economically sound solutions to the very real problems facing America. We cannot solve our problems with partisan bickering. We must rise above that, by first agreeing to recognize real problems such as they exist, and then agreeing to work together towards real solutions, unbound by the constraints of ideology and division bred through generations of misunderstanding and mistrust of one another, to envision solutions based instead on hope and mutual understanding of our shared dreams and aspirations.

Tim Russert: OK, Sen. Obama, but specifically, what would you do?

Sen. Obama: Tim, I think your question is the wrong question. The right questions is, does America need visionary leadership or more ineffective Washington bureaucracy, mired down in the mistakes of the past? But as a concrete example of how I would bring inspired leadership to the table, I would direct my Secretary of... what was the question about?... oh, yes, Energy to assemble the best minds in America and instruct them to have a solution on my desk as soon as they are able to agree on an effective response that respects our core values while protecting our shared interests as a nation. Then I would take the appropriate steps, guided by my diverse, bipartisan cabinet and the best thinking in America, which at the end of the day is our nation's greatest asset.

Tim Russert: OK. Thank you Sen. Obama. Sen. McCain, your response?

Sen. McCain: Tim, the first thing I would do is assure the American people that there is no need to panic. With the Alaska crude already in process, it would be several weeks before we felt any impact. The next thing I would do is order a release of strategic oil reserves and get transportation underway to refineries on the west coast. I would then consider diverting crude oil from the Canex and possibly the Bow River pipelines to refineries in the Salt Lake City area. Then I would order the Corps of Engineers to provide engineering and technical expertise and, with the help of the National Guard, whatever manpower and equipment is needed to get work underway as soon as possible to expedite completion of the repairs.

Going forward, because California refineries can process high sulfur crude, we could replace about 100,000 barrels per day of lost supply with high sulfur crude from our friends in the Middle East. As long as there are favorable transportation economics they should be able to substitute replacement streams, even of a lower quality, without impacting any regional producing markets.

But Washington state refineries do not have the hardware to process high sulfur crude, so they would have difficulty replacing up to 300,000 barrels per day of lost supply. Replacement medium sulfur crude oil will most likely come from Central/South America and West Africa. These will be long haul shipments requiring extended shipping schedules and increased transportation costs, and there will be increased competition for mid-grade crude oil.

I would ask Congress to fund immediate temporary expansion of our oil tanker capacity through negotiated short term leases, and I would also propose subsidies, which, along with release of strategic reserves, would minimize the effects of upward pressure on crude oil prices. With these measures, I would estimate the temporary, short-term impact at the gas pump to be around twelve and a half to fourteen cents per gallon. My friends, that may not sound pretty, but that's the straight talk. America is strong and so is our economy, and with my leadership we would work through it.

Tim Russert: Sen. Obama, would you care to respond?

Sen. Obama: Well, Tim, I would just say that my opponent's predictable response is yet another example of the tired old thinking that is all too prevalent among the entrenched Washington establishment. This is exactly the type of empty rhetoric we must move beyond if we are to move America forward.

Tim Russert: OK, then.

(Ed. note: I'm not advocating. I'm just saying.)