Virginia yesterday became the first East Coast state to win approval for the development of offshore oil and natural gas resources.

Gov. Bob McDonnell, who has stated that he wants Virginia to become the "Energy Capital of the East Coast," applauded President Obama's announcement and renewed his call for federal legislation that would allow Virginia to share in the royalties from oil and natural production.

In a statement, the governor said:

"...to fully participate in the positive impact of offshore energy development, the Commonwealth must be included in all royalty and revenue sharing arrangements, in a manner equivalent to what the Gulf Coast states currently receive."

Last week, Rep. Bob Goodlatte (R-VA) introduced legislation with bipartisan support that would provide for offshore... more »

Gov. Bob McDonnell set the tone for yesterday's Summit on Virginia's Energy Future when he strode to the podium and said, "Welcome to the energy capital of the East Coast."

As the governor explained, Virginia offers opportunities in energy development in coal, wind, nuclear and oil and natural gas. Lease Sale 220, which would lease a portion of the Outer Continental Shelf 50 miles off the shoreline, could make Virginia the first state with offshore oil and natural gas development on the Atlantic coast.

Lt. Governor Bill Bolling said offshore exploration and production would be the "single biggest thing" Virginia could do to promote economic growth and job creation.

According to a federal government estimate, the Lease 220 area contains about 130 million barrels of oil and 1.14 trillion c... more »

Virginia Gov. Bob McDonnell signed two bills yesterday to make his state the "Energy Capital of the East Coast."

HB 787 expresses strong support for oil and natural gas exploration and production 50 miles off Virginia's coast. HB 756 provides a formula for the distribution of revenues stemming from offshore energy development.

While signing the bills, Gov. McDonnell said:

"This is an issue with bipartisan consensus--both of Virginia's U.S. Senators, and most of our Congressmen agree, that environmentally-safe, offshore energy development is a matter of national and economic security...Virginia is ready--we hope the federal government will move forward and join us in saying 'yes.'"

The federal government must hold a lease sale offering Virginia's offshore areas to energy companies before... more »