As someone who's lived near the Gulf of Mexico virtually my entire life, I can attest that it's a great place from which to seek energy resources.
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The gulf is full of oil and gas, you know. Many fortunes have already been made tapping into the great bounty under the water, and many more will be made in the future — at least when the political leadership isn't as comically stupid as it is now.
But the current comically stupid political leadership believes that there are energy fortunes to be made a different way. That belief was challenged a bit last week, however:
The Biden administration’s first-ever auction of offshore wind development rights in the Gulf of Mexico ended with a single $5.6-million winning bid on Tuesday, reflecting meager demand for the clean energy source in a region known for its oil and gas production.
Germany’s RWE won rights to 102,480 acres (41,472 hectares) off Louisiana for $5.6 million, while the other two lease areas on offer off Texas received no bids, according to results posted on the Bureau of Ocean Energy Management website.
RWE’s awarded site is 44 miles off the coast of Louisiana and has water depths of 10-25 meters. The company said that the lease area has the potential to host up to 2 GW of new capacity, enough to power over 350,000 US homes with clean energy. The project is expected to be in operation by the mid-2030s, contingent upon permitting timelines.
RWE said the Louisiana lease was attractive because the state has strong existing coastal port and supply chain infrastructure and a goal to install 5 gigawatts of offshore wind capacity by 2035. Texas does not have an offshore wind target.
But the overall result only represents a fraction of the billions of dollars of bids secured in an offshore wind lease sale off New York and New Jersey in February 2022, according to a Reuters analysis. Those states have passed laws that require utilities to buy ...
No hoodwinking or hornswoggling here.
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Elections have consequences, and sometimes they come rather swiftly. In...Read More
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