"The world is currently experiencing price shocks for both oil and natural gas brought about by the US's attack on Iran. While the US produces an excess of oil and natural gas, the prices of those fuels are set in part by international trade, meaning US consumers are facing rising costs."
"The announcement claims that the deal will be 'Lowering costs for American families,' and Interior Secretary Doug Burgum said, 'We welcome TotalEnergies' commitment to developing projects that produce dependable, affordable power to lower Americans' monthly bills.'"
TotalEnergies is renouncing further offshore wind development in the US and plans to develop an additional liquified natural gas export terminal. This decision comes amid rising oil and natural gas prices due to geopolitical tensions. While the deal claims to lower costs for American families, it may increase exposure to future price shocks. The announcement also criticizes subsidies for offshore wind, emphasizing that companies paid for development rights.
Read at Ars Technica
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