Obama’s green energy plans build hopes, skepticism

WASHINGTON (Reuters) – Proponents of alternative energy and energy efficiency were elated on Thursday by President-elect Barack Obama’s economic stimulus speech, but some analysts warned his energy agenda could hit turbulence in Congress or from the slow economy.

Obama asked Congress “to act without delay” to pass legislation that included doubling alternative energy production in the next three years and building a new electricity “smart grid.”

Billionaire oil investor T. Boone Pickens said Obama’s plan would help kickstart the slow economy.

… Some analysts questioned Obama’s ability to boost spending on higher-cost renewable fuels during a recession.

“It will be more difficult to meet the alternative fuel goals if oil prices keep falling and we are in a recession,” said Phil Flynn, oil analyst with Alaron Trading in Chicago.

It will take political finesse to implement the plan, said Tim Evans, an energy analyst at Citigroup in New York.

Reuters