e360 digest


14 Jan 2015: Offshore Wind More Profitable
Than Drilling on U.S. East Coast, Report Says

Andy Dingley
Offshore wind turbines in the Irish Sea
Offshore wind would produce twice the number of jobs and twice the amount of energy as offshore drilling near the U.S. East Coast, according to a new report from the advocacy group Oceana. The report contends that recent claims by the oil and gas industry about the economic potential of offshore drilling in the region are exaggerated because many of those oil and gas reserves are not economically viable to drill. Plans to build the nation's first offshore wind farm off Cape Cod have repeatedly failed to move forward. But Oceana calculates that over the course of 20 years, offshore wind in the Atlantic could produce nearly twice as much energy as all of the economically recoverable oil and gas. Offshore wind installations also would likely create an additional 91,000 jobs — twice as many as offshore drilling, Oceana says. Moreover, the report notes, drilling poses major risks to industries that rely on healthy ocean ecosystems, such as fishing, tourism, and recreation, which generate an estimated $95 billion annually and provide 1.4 million jobs.


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