The gas price blame game was in full swing this week.

President Bush recycled the same old nonsense about drilling in the Arctic Wildlife Refuge. You know, the place that supposedly holds about 10 billion barrels.

According to the Energy Department, opening up the refuge to oil development would only slightly reduce our dependence on imports, and lower prices by less than $0.50 a barrel.

Heck, we'll get a bigger upward move than that if someone sneezes too loud near a refinery.

Incidentally, even if they did open up the refuge to oil development, the oil wouldn't even start flowing for at least 9 years. That'll put us around 2017!

Then Hilary Clinton and John McCain proposed a gas tax holiday that, according to economists would just push the price of gas even higher.

Since refineries cannot increase their supply of gasoline in the space of a few summer months, any lower prices would just boost demand - rewarding Big Oil, instead of the consumer.

Not surprisingly, we haven't heard a peep out of the oil companies on this one. But mention a repeal of all that free money we keep giving them, and they'll rally the million-dollar lobbying troops in a New York minute.

Fortunately, on a local level, some real progress is actually being made with renewable energy standards.

Thank Ohio's Renewable Energy Standards for the Next Round of Investor Profits

Last week, after a unanimous vote, the Ohio State Senate sent new legislation to the desk of Governor Ted Strickland. This legislation establishes a 12.5% renewable electricity standard (RES) by 2025.

And the Governor is expected to sign it.

Now what does this mean for investors?

Well, when it comes to renewables, this is a wind-heavy state.

And according to the American Wind Energy Association, if wind energy constitutes 75% to 95% of the standard, the bill would establish a market for as much as 7,000 megawatts.

This is huge.

And for companies like Gamesa (MCE:GAM.MC), Iberdrola (MCE:IBE.MC), and GE (NYSE:GE), this could provide an absolute avalanche of hefty turbine contracts.

We also expect to see a number of smaller wind developers stepping up to take advantage of this opportunity. Much like we've seen in the past with wind developers in California.

Renewable Energy Standards and Wind Development 

In fact, Green Chip Stocks members are already profiting from one small wind developer with revenue-generating properties in Palm Springs and Tehachapi, California. These are the two hottest wind-generating spots, with transmission, in the country.

But beyond the money we've already been making here (and will continue to make in the near future), there's still something much bigger at play.

· Ohio is a huge industrial state that uses a lot of power. This enables the state to become a very important market for renewables.

· This legislation could help jumpstart the state's manufacturing sector, which is highly-skilled, and looking for work.

· With Ohio on board, there would now be 26 states, plus the District of Columbia, that have mandatory renewable energy standards. That's more than half the country!

If the federal government can't get its act together and do this, the individual states will.

Of course, once the new residents of 1600 Pennsylvania Avenue move in, that could change as well.

But in the meantime, we'll continue to profit—with or without the government's support. Just like we've been doing since we started. And just like we'll do once Ohio's new legislation becomes law.

To a new way of life, and a new generation of wealth...

Jeff