WASHINGTON — The Department of the Interior today announced its intent to assess potential opportunities to advance clean energy development on the Gulf of Mexico Outer Continental Shelf (OCS). This significant milestone is part of the Biden-Harris administration’s goal to create thousands of jobs through the deployment of 30 gigawatts (GW) of offshore wind by 2030.
“The Interior Department is committed to developing a robust and sustainable clean energy economy,” said Secretary Deb Haaland. “We know that offshore wind development has the potential to create tens of thousands of good-paying, union jobs across the nation. This is an important first step to see what role the Gulf may play in this exciting frontier.”
The Bureau of Ocean Energy Management (BOEM) will publish a Request for Interest (RFI) in the Federal Register on Friday, June 11, to assess interest in potential offshore wind development in the OCS. The RFI will be focused on the Western and Central Planning Areas of the Gulf of Mexico offshore the states of Louisiana, Texas, Mississippi, and Alabama. Although the primary focus of the RFI is on wind energy development, BOEM is also seeking information on other renewable energy technologies.
“The Biden-Harris administration has energized the offshore wind industry by announcing the first ever national offshore wind energy goal, creating a roadmap for the future of this innovative industry,” said BOEM Director Amanda Lefton. “I’m excited to see the Gulf be a potential part of this historic effort.”
“The Gulf of Mexico has decades of offshore energy development expertise. Today’s announcement represents the first step in harnessing that expertise and applying it to the renewable energy sector,” said Mike Celata, regional director of BOEM’s Gulf of Mexico office in New Orleans. “Working directly with our partners in the Gulf, we will make sure that offshore renewable energy development proceeds in an orderly, safe, and environmentally responsible manner.”
To date, BOEM has leased approximately 1.7 million acres in the OCS for offshore wind development and has 17 commercial leases on the Atlantic, from Cape Cod to Cape Hatteras.
Once published the RFI will open a 45-day public comment period to solicit indications of competitive interest and additional information on potential environmental consequences and other uses of the proposed area. BOEM will consider data received in response to this RFI to determine next steps in the renewable energy leasing process in the Gulf of Mexico.
As part of this process, BOEM will convene the Gulf of Mexico Intergovernmental Renewable Energy Task Force to help coordinate planning, solicit feedback, and exchange scientific and process information. BOEM will hold its first task force meeting on June 15. The task force comprises members representing federal, Tribal, state and local governments from Louisiana, Texas, Mississippi, and Alabama.
Musk had previously said in June he was leaning towards supporting DeSantis for president in 2024.
Joe Skipper | Reuters
Tesla‘s bitcoin holdings led to a big pop in reported net income for the fourth quarter because of a new rule change in how companies account for digital assets.
After showing a carrying value of $184 million in digital assets for the prior four quarters, the number suddenly jumped to $1.08 billion in the December period, Tesla reported in its earnings release on Wednesday.
The increase followed a recent policy change from the Financial Accounting Standards Board, which mandates that corporate digital asset holdings be marked to market each quarter starting at the beginning of 2025. Before the FASB rule change, companies owning bitcoin had to report their holdings at the lowest value recorded during their ownership, regardless of any subsequent price gain.
Tesla said in its earnings deck that the change resulted in an earnings per share boost of 68 cents in the quarter, and CFO Vaibhav Taneja noted on the earnings call that the net income increase was $600 million.
“It’s important to point out that the net income in Q4 was impacted by a $600 million mark-to-market benefit from bitcoin due to the adoption of a new accounting standard for digital assets,” Taneja said.
At the end of the third quarter, Tesla’s bitcoin holdings were recorded at a carrying value of $184 million, though their fair market value was significantly higher at $729 million. That means the actual increase in the value of its holdings in the period was about $347 million, reflecting bitcoin’s fourth-quarter rally.
Much of the recent gain in bitcoin is tied to optimism surrounding the second Trump administration, which was heavily backed by the crypto industry. Tesla CEO Elon Musk was Trump’s biggest financial supporter and is now a top adviser in the White House. Longtime Musk ally David Sacks was tapped by Trump to the be the White House AI and crypto czar.
Bitcoin tracking website Bitcoin Treasuries ranks Tesla as the sixth-biggest holder of bitcoin among public companies.
Tesla’s fourth-quarter earnings and revenue fell short of analysts’ expectations on Wednesday as auto revenue dropped 8% from a year earlier, yet the stock climbed in after-hours trading.
Tesla CEO Elon Musk said that “your family’s life might depend on” having solar, despite that he’s part of a US government administration that has already made it harder to get solar, and seems poised to try to make it even harder.
As part of the call, an investor asked if Tesla had given up on ramping its solar roof. The product was originally unveiled way back in 2016, and hasn’t particularly lived up to the hyped expectations of the time (especially due to some, uh, hiccups along the way).
Tesla’s answer highlighted that the roof remains a core part of its residential product portfolio, along with Powerwall, and that it draws a lot of customer interest despite it being a “premium” product (in contrast to original promises that it would cost less than a regular roof). But Tesla isn’t installing the roof itself, it says it would rather produce units to send to the roofing industry.
Then, CEO Elon Musk went into a soliloquy about the benefits of having home solar, which are true if perhaps a little overstated:
I think it looks really cool, and your house generates electricity. And if you combine it with the Tesla Powerwall battery, then you can be self sufficient, so that even if the grid turns off – even if the grid turns off for several days – your house still works. And your roof looks awesome. So it’s like, I recommend anyone who can afford it, get Tesla’s solar roof and Powerwall, your family’s life might depend on it. And just in terms of convenience, your kids are not gonna yell at you cause their computers don’t work and their power went out and they cant charge their phone. Actually happens. You literally cant even call anyone cause your phone’s out of juice.
Despite the answer being a bit rambly, there’s an important portion in there, when Musk says “your family’s life might depend on it.”
So, while Musk is wrong about climate change, he’s right that solar and batteries can increase resiliency of a home – which could, indeed, be lifesaving for that home’s residents in certain circumstances. But it’s still hyperbolic, and self-serving, to leverage these fears in order to sell a “premium” product – one which costs in the multiple tens of thousands of dollars – to fearful family members.
But then we must consider the larger context in which these words were said.
The White House’s occupant opposes solar
Unfortunately for the US, and for Elon Musk’s businesses selling renewable energy products, that three-time candidate finally managed to get more votes than his opponent (while still failing to attain a majority, and despite committing treason in 2021, for which there is a clear legal remedy). And after campaigning against solar, he’s already started attempts to marginalize it as an energy source in his first week squatting in the Oval Office.
On his first day occupying the seat on which traitors do not belong, he signed a memo stating that the US should focus on all forms of energy except wind and solar, the latter of which the company that virtually all of Musk’s wealth comes from sells.
We’re not sure what effect these directives will have, given their questionable legality and the fact that Congress is responsible for government budgets, not former reality TV hosts. But then again, it should be expected that a convicted felon would break the law again, especially if said felon shows no remorse for their illegal actions.
And Mr. Trump has ignorantly promised – inasmuch as the promises of a compulsive liar ever matter – to continue to attack this cheap, clean energy source in his quest to make life worse for Americans. Many estimate there is more nonsense to come, and given past experience with the ignoramus in question, that seems like a good bet.
But we’re talking about Elon Musk here, what does he have to do with all of this?
Elon Musk’s involvement in anti-solar actions
Elon Musk spent much of last year campaigning for Mr. Trump, despite that he made it openly clear that he wants to harm solar, the fastest-growing energy source in the US, which is cheaper and cleaner than fossil fuels. That candidate instead favors dirty, costly fossil fuel energy.
As a thank you for Musk’s massive bribes to Mr. Trump’s campaign, he has been appointed to the Department of Government Efficiency. This is not an actual department, but an advisory panel with no official authority.
It was created to be helmed by Musk and Vivek Ramaswamy, two of the supposedly most intelligent and capable republican operatives, who nevertheless were both tasked to do a job that would normally accomplished by one person (Ramaswamy has since quit or been forced out, before the job even started). The panel has a redundant mission to the already-existing Government Accountability Office – making it a redundant office to reduce redundancy (no, this is not a Monty Python sketch, this is apparently real life).
So, Musk is an official part of this administration which is making these anti-solar moves.
It’s a change from Musk’s previous statements about solar power. Even as recently as 2022, Musk has decried anti-solar moves, and yet he’s now thrown large chunks of his personal wealth and effort into a group committing several of them.
While Musk and his advisory panel haven’t necessarily been directly associated with these anti-solar actions, the idea of freezing government funds is related to the supposed purview of his department, so it would be reasonable to think that he might have some input into this.
Further, Musk has shown in the past that when an administration does something he objects to, he’s willing to leave an advisory position in protest. He did this in 2017 when Mr. Trump signaled that he wanted to pull the US out of the Paris Agreement, an action which Musk said was “not good for America or the world” and quit an advisory board that he had been on (Trump did the same thing again last week, and Musk didn’t resign his position this time, signaling his newfound spinelessness).
So – the fact that Musk has not pulled out of the administration despite these anti-solar moves, combined with the fact that he has shown disapproval through resignations before, suggests that he at least tacitly accepts these moves to make it harder for you to install solar.
So… Elon Musk says you’ll die without solar, but wants to make it harder for you to get it?
And now we get to the point of this all: if Elon Musk thinks that your family is in mortal peril if it doesn’t install solar panels, but he also seems okay with government making it harder to install solar panels, does that mean he wants you to die too?
Although, given the policies we’ve seen, which will directlyharm Tesla’s business, maybe even that latter group might reconsider how the corruption is working out for them.
If you’d like to install home solar from a company that *isn’t* working actively to harm solar adoption in the US, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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