Our of-the-moment priority should be energy independence and exchange traded funds (ETFs) may be just the building block that’s needed to get things off the ground.

If an American billionaire is also backing the priority for our energy independence, and the sentiment is that “it can’t wait a minute longer,” then what are we waiting for?

We are 70% dependent on foreign oil at this point. And it’s a matter of national security to stop the transfer of our wealth to those oil-producing nations, reports Gary Gordon for ETF Expert. Energy independence is becoming an increasingly important issue for the United States.

Here are a few opportunities to help us serve our own needs:

  • First Trust ISE Global Wind Energy (FAN): A truly global approach to this power source, and 52 companies to represent this. The fund launched on June 27.
  • PowerShares Global Wind Energy Portfolio (PWND): A more concentrated approach of 32 companies across a broad spectrum of sizes. The fund launched on July 8.
  • First Trust ISE Revere Natural Gas ETF (FCG): The companies in this ETF track the exploration and production of natural gas. It is up 28% for 2008, so this is a good sign. Natural gas, Gordon says, is one of the quickest and easiest ways to wean ourselves of our dependence on foreign oil. It’s cleaner, more fuel efficient and more cost efficient.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.