The Pickens Plan, billionaire energy investor T. Boone Pickens‘ plan to reduce American dependence on foreign oil, has been getting a tonne of attention since Pickens launched the initiative at the beginning of the month.

And so it should.

First off, Pickens, a qualified geologist, knows a thing or two about oil and energy. In 1956 he founded Mesa Power. The company grew into the largest independent exploration companies in the US. He later set up BP Capital Management, one of the most successful energy-oriented investment funds on the planet. The fund as a whopping $4 billion under management.

Secondly, the Pickens Plan tells Americans something the majority of their politicians are afraid to: America is addicted to foreign oil and this threatens the US economy, the environment and national security. And Pickens has pockets deep enough to finance a massive ad campaign to spread his message.

Thirdly, the timing is perfect. Pickens launched his plan amid media hyteria over $4-a-gallon gas and record crude oil prices. And the plan casts Pickens as a white kight who can greatly reduce America’s oil imports and help prevent global climate destabilization — so-called ‘global warming’ — at the same time.

Of course, T. Boone is a shrewd businessman. As we reported here last week, the Pickens Plan is a long way from a philanthropic project by a disinterested businessman. It ties in with Pickens’ interests in wind energy production and natural gas.

According to PickensPlan.com: “America is blessed with the world’s greatest wind power corridor and abundant reserves of clean natural gas. The Pickens Plan will utilize these tremendous resources to build a bridge to the future – a blueprint to reduce foreign oil dependence by harnessing domestic energy alternatives and buying time for us to develop even greater new technologies.”

There’s no doubt that even parts of the plan were adopted Pickens would be a major beneficiary.

More importantly it would change the investment landscape considerably. And even if the plan falls flat on its face, it would seem it is only a matter of time before the US acts on Pickens’ recommendations. Especially if crude oil prices don’t drop significantly.

We’ve dug up three alternative energy plays tipped recently by the investment experts we publish daily at Contrarian Profits. The Pickens Plan is slick. And it’s back by big bucks. But it’s not the only game in town…

1) Invest in biotech stocks that are in developing green energy and biofuel solutions to the world’s energy supply problem.

According to Rob Fannon in DailyWealth, “when oil was $30 a barrel and corn still cost $2, biotechs didn’t have a reason to develop alternative energies or agricultural breakthroughs. Now, oil is over $130 and corn is $7.50 – and hitting new highs along with wheat, soybeans, and rice. The biotech industry wants a piece of the action…”

Read on here to find out about the three energy-related biotech stocks Rob says are worth exploring further.

2) Invest in cellulosic ethanol. This one comes from Mark Louie at Whiskey and Gunpowder.

According to Mark: “This technology will ultimately help environmental problems, diminish the U.S.’s dependency on oil, boost the economy, increase food supply and even put an end to controversial wars… Cellulosic ethanol, made from cellulose — the most common organic compound on earth — is potentially produced from your lawn trimmings, switchgrass, wood chops, paper sludge, corn stalk, stems and even manure and sewage.”

Read on here to find out the four small-cap public companies that are possible profit plays in this new industry.

3) Invest in nuclear power.

According to Andrew Gordon in Investor’s Daily Edge: “Nuclear energy is the future again, says Andrew Gordon in Investor’s Daily Edge Unplugged. And uranium stocks are cheap right now.”

Read on here to find out  to invest in a nuclear future with this NYSE-listed uranium producer.