Posted March 29, 2018
Recent analysis of the potential economic benefits of offshore natural gas and oil, finding that coastal states and the nation could see billions in annual industry spending, job creation and federal revenue sharing dollars over a 20-year period, has the attention of leaders in one of those key states – Virginia.
A group of 21 Virginia businesses, associations and other organizations have written to federal officials in support of opening more of the U.S. outer continental shelf (OCS) to safe development. The comments were filed with the Bureau of Ocean Energy Management (BOEM), which is putting together a new federal offshore leasing plan that will blueprint development from 2019-2024.
Posted March 23, 2018
Safely tapping America’s offshore natural gas and oil reserves could provide billions of dollars for the economies of coastal states – a big reason why the needs and voices across entire states, not just their coastal areas, must be considered in the offshore energy conversation.
For example, federal revenue sharing could help transform state economies by sending billions in royalties, rentals and fees to state coffers. By putting revenue-sharing programs in place – like those already working for the states of Alabama, Louisiana, Mississippi and Texas – North and South Carolina, Virginia, Florida, Georgia and other states could benefit from offshore energy development.
Posted February 27, 2018
A fact-based conversation about America’s offshore strategy is critically important as policymakers make decisions that affect all Americans. Underscore the words “fact-based conversation.” While there’s passion associated with this issue, emotion can get in the way of sound policy – which is what we need for America’s energy and national security. Our vast offshore oil and natural gas potential has strategic, long-term importance and should be addressed accordingly with all voices, not just the loudest ones, heard.
Posted August 10, 2017
Posted September 15, 2016
Virginia, like North Carolina to the south, is believed to host sizeable oil and natural gas reserves off its Atlantic Coast. According to federal estimates, the Mid-Atlantic offshore area (also including Maryland and North Carolina) could hold 2.41 billion barrels of oil and more than 24 trillion cubic feet of natural gas. Development of those resources could turn Virginia into an energy powerhouse.
Posted August 17, 2016
Politicians’ issue positions are scribbled in sand, not granite, right? But here’s one that shouldn’t shift one bit – whether you’re a Democrat, Republican, an Independent or whatever: support for domestic natural gas and the hydraulic fracturing that’s producing record volumes of it. Thanks to fracked natural gas the United States leads the world in reducing carbon emissions, we're more energy secure and consumers are benefiting. No issue is more bipartisan than American-made energy – the natural gas and oil that primarily fuel our economy and our modern lifestyles, brought to us all by safe, responsible fracking.
Posted June 29, 2015
Here on the blog we regularly point to the national economic and job impacts of energy development: 9.8 million jobs supported, and $1.2 trillion in value added to the economy – accounting for 8 percent of our national GDP. Over the next few weeks we want to bring the focus to the state level, highlighting those impacts in each of the 50 states. We’ll start with … Virginia.
The top-line numbers: more than 141,000 jobs supported statewide, according to PwC ; $12.5 billion added to the state economy; $7.2 billion contributed to the state’s labor income. All are significant drivers for the state’s economy.
Posted May 28, 2015
Time: As the battle wages on in Congress over President Barack Obama’s signature trade agreements and the needed fast-track trade promotion authority (TPA), the president would be wise to consider alternatives that would enhance his trade legacy and also further our strategic priorities overseas. While energy is not included in the Trans-Pacific Partnership (TPP) or Transatlantic Trade and Investment Partnership (T-TIP) negotiations, many of the same Asian, European, and Latin American partners are calling for greater partnership with the United States on energy issues. By allowing the U.S. to become a stable source of supply to global energy markets, counteracting supply disruptions that will inevitably affect other energy-rich regions, President Obama and Congress can double down on promoting long-term economic growth and reinforcing U.S. foreign policy leadership.
The U.S. can do more with its energy resources to support this strategic vision. A direct way of leveraging this opportunity is to lift the ban on the export of crude oil and accelerate approvals for the export of liquefied natural gas (LNG). A series of policies and laws in the 1970s banned exports of U.S. crude oil with only limited exceptions. This ban is a relic from an age of energy scarcity and should be adjusted to reflect present realities. By working with Congress, and via executive order, the president can start taking steps today to boost U.S. exports.
Posted August 19, 2014
It is challenging to strike a balance between traditional energy sources, such as coal, oil and natural gas, and emerging renewables like wind and biomass. The Virginia Energy Plan, updated every four years by the Department of Mines, Minerals and Energy, serves as a guide.
Posted April 28, 2014
Virginia is for lovers – of domestic oil and natural gas production and investments in energy infrastructure. That’s what you see in a recent Harris Poll of registered voters in the commonwealth: Strong support for developing domestic oil and natural gas, including offshore reserves, as well as increased spending on infrastructure.
Some of the numbers:
- 80 percent support increased production of domestic oil and natural gas reserves. Just 11 percent oppose.
- 89 percent support increased development of U.S. energy infrastructure.
- 94 percent agree increased domestic oil and natural gas output could help strengthen America’s energy security.
- 91 percent agree increased domestic oil and natural gas production could help stimulate the economy.
And so it goes – with similar, slam-dunk margins on other questions, from benefits to U.S. consumers to economic growth.