This week has brought equal hope and dread to my mind as the media reports on an energy triumph and an energy tragedy. I was thrilled to hear about Secretary Salazar's announcement of the Interior Department's approval of the Cape Wind project off the coast of Massachusetts. But this news can't help but be severely clouded by the ongoing reports of the Deepwater Horizon disaster.
Nine days have passed since the Deepwater Horizon oil rig caught on fire about 45 miles off the coast of Louisiana, and the situation continues to worsen.
The Coast Guard announced today that the amount of oil leaking into the Gulf of Mexico is five times greater than originally estimated - 210,000 gallons per day. The spill will soon surpass the size of the 1969 Santa Barbara spill, and at the current rate, the slick would reach the size of the disastrous 1989 Exxon Valdez oil spill off Alaska within 50 days. This also means that well over 1 million gallons have leaked into the Gulf. The Coast Guard has been taking drastic measures to contain the spill with controlled burns and a protective boom set up to shield vulnerable coastal areas. The spill thus far has proven to be a catastrophe with no foreseeable end and one which we cannot afford to see again.
What is truly amazing is that while the Coast Guard burns the oil off the surface of the Gulf, oil companies are reporting record profits. ExxonMobil today posted profits up 38 percent from last year at $6.3 billion and ConocoPhillips surged to a profit of $2.1 billion, a 46 percent increase. These corporate polluters have proven recession-proof and have benefited from years of tax breaks that cushion whatever the industry might face. It's time to even the playing field and start investing in homegrown energy sources that are safer, cleaner and will create new economic opportunities for our nation at home and abroad.
We took a step in the right direction yesterday with the administration's approval of the Cape Wind project. Secretary Salazar's approval of the nation's first offshore wind farm is an important step towards transitioning our nation to cleaner, more secure sources of energy. We have sat idle while countries in Europe have continued to reap the benefits of offshore wind development and now it is time to take advantage of clean energy sources in our own backyard, which will help make America more energy independent safely and curb dangerous carbon pollution. Cape Wind represents a tremendous opportunity for renewable energy in the Commonwealth and will help make Massachusetts a leader in the nation as we work to transition to a clean energy economy.
These recent events have provided a clear picture of the two paths that lie before us. We can continue the failed energy practices of the past that stifle the advancement of new clean energy technologies while putting our coastal industries, tourism and ecosystems at risk. Or we can put America back in control of our energy future by transitioning to a clean energy economy that rewards innovations, increases our energy independence, creates new energy jobs and reduces harmful carbon pollution.
As the smoke clears from the Deepwater Horizon disaster, let's hope that our senators see what needs to be done. I hope that they clearly see that they must work swiftly to pass comprehensive, bipartisan clean energy and climate legislation that provides us all with a cleaner, safer, more secure energy future.