The Trump administration has agreed to pay TotalEnergies almost $1bn to pull out of offshore wind in the US and invest instead in oil and gas production, as it tries to boost supplies of fossil fuels.
The Department of the Interior said on Monday that it would reimburse the French energy company the full $928mn cost of its two offshore wind leases in exchange for the company cancelling the leases and spending the money instead on producing oil and gas.
The deal comes as President Donald Trump is under pressure to limit energy price increases triggered by the war in Iran, which have pushed up pump prices for US motorists.
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