The United States is gambling that the time is right for a new peace initiative between Israel and Palestinians and that a two-state solution to the seemingly intractable conflict can finally be realized. Earlier this week, U.S. President George W. Bush called for a Middle East peace conference of nations that share that vision.

A genuine U.S. commitment to help — and push — the two sides toward agreement might end the stalemate of the past several years. But U.S. policy has been fickle, with rhetoric substituting for the hard work essential to overcoming the enmity that dominates relations between Israelis and Palestinians.

Mr. Bush's call for a high-level regional peace conference this fall was the natural outcome of recent events. The Palestinian leadership is split. Hamas, the Islamic militant group, controls Gaza; Palestinian Authority President Mahmoud Abbas and his Fatah faction are in charge of the West Bank. Battles between the two have been fierce. Last weekend, Mr. Abbas installed an interim government dominated by more moderate Palestinians.