Big Dilemma for Big Oil

"Solar power has lots of potential, especially on the venture-financing side and on the project-financing side of things," he says.

Companies he says are worth looking at in the solar space are Sunpower(SPWR Quote), Evergreen Solar(ESLR Quote) and First Solar(FSLR Quote).

Another energy opportunity that could offer practical results in relatively little time is nuclear, Pullman says. Nuclear power will likely start making headlines as next fall's presidential election draws near.

Five companies filed applications to build new nuclear plants in the U.S. in 2007, including Duke Energy(DUK Quote), Dominion Resources(D Quote) and NRG Energy (NRG Quote).

In short, there's no doubt energy will remain a front-and-center topic in the coming year, and that means investors will have to stay on top of the news, ready to act and willing to adapt.