Amid the gloom of the declining technology sector, Wall Street finally found something to cheer about this week. The nation’s three largest oil companies – Exxon Mobil, Chevron and Texaco – reported record profits for the third quarter totaling $7 billion, a doubling of last year’s earnings.

The reaction on Main Street was, naturally, somewhat less ebullient. The oil-buying public, paying more to keep the family sedan running and house warm than it has in a decade, cannot help but wonder how the closest thing going to a national crisis can be, for part of the nation at least, so darned pleasant.

Thus the stage is set for another round in the ongoing battle between consumers and shareholders. As in previous rounds, the outcome has all the uncertainty of a pro wrestling match. It didn’t take long for the tussle to reach the campaign trail. The Gore camp promptly reiterated its worry that Big Oil has gotten too big. It would be a more valid worry if the merger mania that created such bigness wasn’t in such an advanced stage – not so long ago, Exxon and Mobil were competitors rather than teammates. The proposed merger between Chevron and Texaco is moving along smoothly, with the only major impediment being the concern of Congress and regulators that the new Chevron Texaco might own too many filling stations. Apparently, there’s nothing wrong with the deal that can’t be fixed by putting a few thousand moms and pops out of business.

The story from the Bush side is equally familiar. The restrictive policies of the Clinton-Gore administration have made it virtually impossible for American producers to explore and develop new petroleum sources, making the nation too dependent upon foreign producers. It would be a better story if Big Oil would get on the same page. Until recently, the industry subscribed to the “restrictive policies” angle; now its says the record profits are justified because it invested heavily in exploration and development the last few years and shareholders are entitled to a handsome return on those investments.

This is not unlike the stunt Big Oil pulled this summer. When pump prices in the Midwest soared past $2 a gallon, the industry pointed the finger at environmental regulators for mandating the use of a low-emissions fuel that was in short supply. The subsequent investigation revealed that just weeks before the mandate took effect, the industry assured concerned regulators it had plenty of the new fuel to go around. That’s the truth moving at the speed of business.

Blame Big Government. Blame Big Oil. Assume the public will grumble but still pay any price. Cross your fingers and hope it doesn’t go so far as to throw the economy into recession. Who says America doesn’t have an energy policy?