Oil industry blasts double standard as failing offshore wind is offered more public funding – By Kevin Killough (Just the News) / Nov 3, 2023
Offshore wind developers are seeking more subsidies and other support in the face of billion-dollar losses this year. Oil companies made record profits last year while facing the same pressures, but they were accused of price gouging and threatened with windfall taxes.
Soaring costs, supply chain issues and rising interest rates are taking a toll on the offshore wind industry. In the face of these challenges, the industry is asking for more support from taxpayers, and its requests have received generally positive support from renewable energy proponents.
It’s a very different reaction to the oil and gas industry, which doesn’t receive nearly the subsidies that wind companies enjoy but is up against the same challenges.
Despite the impacts of supply chain issues and higher interest rates, the petroleum industry has remained profitable in the recovery years following the pandemic. Rather than recognize the industry as a success story, they’ve been criticized for making too much money.
