Full Title: Offshore Wind Can Lower Energy Prices and Beat Out Oil and Gas
Author(s): Michael Freeman
Publisher(s): Center for American Progress
Publication Date: September 23, 2022
Full Text: Download Resource
Description (excerpt):
A new Center for American Progress analysis found that, per acre, Americans are getting significantly more return on investment from offshore wind energy leasing than they are from oil and gas leasing. This is true across the board, from taxpayer revenue to energy production, consumer energy costs, and carbon emissions. The average acre from an offshore wind lease sale brings in nearly 12,500 percent more revenue for taxpayers than 1 acre of oil while providing enough electricity to drive an electric vehicle almost 65 times farther than a gasoline-powered vehicle.
Offshore wind leases are a massive potential source of public revenue and a strong investment for taxpayers, one that could also reduce energy and fuel costs and that has far fewer environmental and health costs than fossil fuels. With these opportunities for a climate- and human-friendly economy, there has never been a better time to switch to wind-focused ocean energy development.