A recent report from the U.S has found that focusing investments in that country on offshore wind power would be cost effective, generate more jobs and be better for the environment and ocean than offshore oil and gas exploration and development.

The study from Oceana says offshore wind can generate nearly 30% more electricity than offshore oil and gas resources combined while costing around USD $36 billion less than offshore oil and gas production. Additionally, approximately three times as many jobs per dollar invested could be created than in fossil fuel production.
New Jersey, Virginia and South Carolina could supply 92%, 83% and 64% respectively of their current electricity generation requirements with offshore wind. In each state, wind energy could provide more power than the states currently get from fossil fuels.

On the Atlantic Coast alone, the United States could install at least 127 gigawatts of wind power, creating between 133,000 and 212,000 jobs annually - more than triple the jobs that new offshore oil and natural gas development is expected to create.

The U.S is yet to install any offshore wind farms and Europe is currently the leading supplier of offshore wind turbines. Oceana points out that building a domestic manufacturing base would allow related investment to stay within the nation's shores and also allow the U.S. to become an offshore wind technology exporter.

An interesting aspect of the study is that it is based on conservative assumptions for offshore wind and generous assumptions for offshore oil and natural gas.

The group also says a small fraction of U.S. renewable energy resources is enough to provide power for the nation the country several times over.

Oceana is the largest international organization focused solely on ocean conservation.
source: www.energymatters.com.au