The question has been raised in light of this past week’s damaging announcement that Orsted was pulling out of the Biden administration’s major wind project off the coast of New Jersey—is there a double standard for the wind industry as compared to oil and gas when it comes to subsidies?
While the Biden administration is pouring billions into renewable energy projects in the form of subsidies and incentives, it’s not the case with the fossil fuel industry. The wind industry, hit by soaring costs, supply chain issues and growing interest rates, wants more support from—taxpayers.
Those are the same challenges faced by oil and gas producers yet they are criticized for the profits they make. Critics argue they are making too much money and are accused of “price gouging.”
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