RIORDAN HAS CHANCE TO TRY FOR BRASS RING.

Byline: Joel Fox

THE echoes of Mark Twain's famous quote applies to Gov. Gray Davis: The reports of his political death have been exaggerated.

Political years, like dog years, pack a lot of living into a short time span. The election for the next governor of California is almost a year and a half away.

Davis' falling support, as measured by recent polls, certainly can be reversed. Remember, his predecessor, Pete Wilson, lagged 23 percent behind his opponent before rallying for re-election to a second term. President George H.W. Bush topped the polls at 91 percent after the Gulf War before tumbling out of the White House a year and a half later.

All this doesn't mean that Davis is free of worry as he ponders the next election. As the senior President Bush was trapped by the catch phrase of the day, ``It's the economy, stupid!'', Davis must deal with the current version of political expediency: ``It's electricity, and you're in charge!''

Davis' woes have opened up a sense of opportunity for Republicans. Yet the field of potential gubernatorial candidates is uncertain.

Movie actor Arnold Schwarzenegger, appearing in Granada Hills last week at an event for Assemblyman Keith Richman, R-Granada Hills, enjoyed prolonged applause when he declared he would run for governor of California. He just didn't say when.

Schwarzenegger has taken himself out of consideration for the 2002 election. However, he left no doubt he considers a run for governor inevitable. He concluded his presentation with his trademark: ``I'll be back.''

The muscle man/movie actor said he decided to contact Richman after reading a couple of thoughtful articles Richman wrote for the opinion pages of the Daily News. So, Arnold, if you're reading this column, be aware that despite your decision not to run in 2002, the desire of parties to identify winning candidates often stirs shifting political winds which have been known to blow candidates in directions they didn't intend to go.

That said, it appears the winds in search of a Republican candidate to oppose Gov. Davis are filling outgoing Los Angeles Mayor Richard Riordan's sails.

From insisting that he would not consider the job just a few short weeks ago, the mayor is now talking about doing a fact-finding trip around the state. We had a hint that Riordan actually had interest in the job. It was Riordan's office that revealed President Bush called the mayor encouraging him to run for governor. Up went the trial balloon.

The Republicans are desperately searching for a winner to stabilize a party that has been listing badly. Attention is now focused on the maverick mayor whose political stands on a number of issues - for example, abortion and making it easier to raise property taxes for school construction - won't please all factions of the party.

But winning at the polls is a powerful unifying force. In 1990, activist Republicans who did not support some of Pete Wilson's positions rallied behind his banner. They decided he was the best candidate to keep the Governor's Office in Republican hands and give the party a bigger voice in the political office redistricting done every 10 years. They were right.

Riordan will not have a clear sea if he decides to set sail for the nomination. Already Secretary of State Bill Jones and investment banker Bill Simon have expressed strong interest. However, many Republican insiders say neither man has yet captured the imagination of party members, giving Riordan an opportunity to grasp for the ring.

Riordan enjoys the bully pulpit which comes with any political executive position, and there is probably only one bully pulpit with greater appeal than that of governor of California.

If he secures the nomination, Riordan comes with a number of strengths to take on Davis. His passion for education reform matches that of the governor's. Until the electricity crisis struck, education was the No. 1 issue of concern in the state.

The big question is, what is Riordan's solution to the electricity emergency? He proudly touts the prowess of the L.A. Department of Water and Power, a government-owned utility whose customers have been generally unaffected by the state's electricity woes. However, Riordan is also an entrepreneur, a believer in the private sector.

To recycle a political phrase from a generation ago, the key to the Governor's Office goes to the candidate who comes up with the best idea to supply Power to the People.