RELEASE: Offshore Wind Can Lower Energy Prices and Beat Out Oil and Gas, CAP Analysis Finds
Washington, D.C. — A new analysis from the Center for American Progress finds that it is more efficient and cost-effective to lease offshore areas for wind power projects than for oil and gas drilling.
The study found that, per acre, Americans are getting a much better return on their investment from offshore wind energy leasing than they are from oil and gas leasing when considering the impact of both on taxpayer revenue, 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, the study found. At the same time, 1 acre used for wind power provides enough electricity to drive an electric vehicle almost 65 times farther than a gasoline-powered vehicle.
“There has never been a better time to switch to wind-focused ocean energy development,” said Michael Freeman, a policy analyst in the Energy and Environment department at CAP and author of the report. “Offshore wind leases offer a massive potential source of public revenue and a strong investment for taxpayers. At the same time, offshore wind can reduce energy and fuel costs and has far fewer environmental and health costs than fossil fuels.”
The report urges the Biden administration to continue using the country’s offshore resources in the smartest and most economical ways possible by making offshore wind a priority.
Read the report: “Offshore Wind Can Lower Energy Prices and Beat Out Oil and Gas” by Michael Freeman
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