Nick Loris writes in the National Interest that the fate of the offshore wind industry should rest on market dynamics, not government intervention.
U.S. energy policy suffers from whipsaws back and forth with changes in administration. With Congress often in gridlock, administrative actions can result in big swings in policy. Policymakers should be advocates for innovation, competition, the consumer, and the taxpayer. Federal policy should open access to investment and development rather than override the decisions of industry.
Just as previous Democratic administrations have dismissed domestic oil production as a solution to lower gas prices, policymakers should not have the hubris to assume offshore wind will always be a bad bet. The United States has favorable conditions for offshore wind development, with strong and consistent winds along much of its coastline, particularly in the Northeast, Mid-Atlantic, and along the West Coast. These areas offer not only a steady energy source but also the possibility of generating large-scale electricity that can feed into regional grids.
Take the seesawing on energy development on federal lands, for instance. In one of his first actions, Joe Biden signed an executive order suspending new oil and gas leases on federal lands and reviewing existing operations. Four years later, President Trump’s day-one executive order halted new renewable energy leasing on federal lands and waters.
