An offshore wind energy project that drew the ire of President Donald Trump has now cost one of the world’s largest oil producers nearly $1 billion. In a quarterly earnings report, Shell disclosed a $996 million write-off following its withdrawal from the Atlantic Shores Offshore Wind project, citing financial returns that no longer aligned with company goals.
What role did Trump play in this offshore wind withdrawal by Shell?
The Atlantic Shores project, located off the southern coast of New Jersey, appeared to be the subject of a recent post by former President Donald Trump on Truth Social. In it, he expressed hope that a wind farm in this area would be “dead and gone.”
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Shell’s exit comes as the Biden administration’s push for offshore wind is being replaced by new executive orders under Trump, targeting the industry and halting further developments.
What happens next?
In December, Shell announced it would stop all new investments in offshore wind energy as the company shifts its focus toward increasing spending on oil and gas operations. This move aligns with broader changes in U.S. energy policy following the transition in presidential administrations.
Tags: Climate Change, Donald Trump, Natural gas, New Jersey, Offshore wind farms, Oil, Renewable energy, Shell
[Jack Aylmer]
AN OFFSHORE WIND ENERGY PROJECT PRESIDENT DONALD TRUMP SAID HE WANTED GONE-
HAS NOW RESULTED IN A NEARLY BILLION DOLLAR LOSS FOR ONE OF THE WORLD’S BIGGEST OIL COMPANIES.
IN ITS QUARTERLY EARNINGS REPORT ON THURSDAY, SHELL DISCLOSED A 996 MILLION DOLLAR WRITE OFF-
INCURRED AS A RESULT OF THE COMPANY’S WITHDRAWL FROM THE ATLANTIC SHORES OFFSHORE PROJECT-
SAYING IT NO LONGER ALIGNED WITH DESIRED FINANCIAL RETURNS.
THIS RENEWABLE ENERGY DEVELOPMENT APPEARED TO BE THE TARGET OF A RECENT TRUMP POST ON TRUTH SOCIAL-
WHERE THE PRESIDENT SAID HE HOPED A WIND FARM OFF THE SOUTHERN COAST OF NEW JERSEY, WHERE ATLANTIC SHORES IS LOCATED, WOULD BE DEAD AND GONE.
SHELL’S WITHDRAWAL FROM THE PROJECT COMES AS THE BIDEN ADMINISTRATION’S PUSH FOR OFFSHORE WIND-
IS NOW REPLACED WITH TRUMP’S EXECUTIVE ORDERS TARGETING THE INDUSTRY AND HALTING NEW DEVELOPMENTS.
SHELL PREVIOUSLY SAID IN DECEMBER IT WAS HALTING ALL NEW INVESTMENTS IN OFFSHORE WIND ENERGY-
AS THE COMPANY INCREASES SPENDING ON OIL AND GAS OPERATIONS.
A MOVE WHICH MIRRORS THE SHIFTING U.S. ENERGY POLICY NOW BEING SEEN AMID THE CHANGE IN PRESIDENTIAL ADMINISTRATIONS.
FOR MORE STORIES ABOUT THE U.S. ENERGY SECTOR, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME- JACK AYLMER.
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