Commonwealth of Virginia
Office of Governor Bob McDonnell

 
FOR IMMEDIATE RELEASE
April 5, 2011
 
 
Contact: Jeff Caldwell
Phone: (804) 225-4260
E-mail: [email protected]   
 
 

Statement of Governor Bob McDonnell on Congressman Goodlatte’s Submission of Legislation to Restore Offshore Drilling Lease Sales Off the Virginia Coast
~Law would require lease sales within one year, with 50 percent of revenue returned to the Commonwealth~

RICHMOND – Governor Bob McDonnell issued the following statement today after Congressman Bob Goodlatte submitted legislation in the House of Representatives to restore offshore oil and natural lease sales off the Virginia coast halted by President Obama last year:
 
“As we have seen right here in Virginia in recent weeks with rising gas prices, failure to prudently and safely develop our domestic energy resources hampers our nation’s effort to secure reliable, affordable energy resources not subject to the volatility of markets controlled by overseas producers. Offshore energy development in the Commonwealth will put Virginians back to work, bring new revenues for transportation, and will help our nation move closer to energy independence. To become the energy capitol of the East Coast, Virginia must develop all of our domestic energy sources, from offshore oil and natural gas to wind, solar, coal, nuclear and biomass.
 
Opening these offshore resources to safe exploration and development will result in new jobs and will speed our economic recovery. Some estimates have shown that development of Virginia’s offshore energy resources would create 2,578 full-time equivalent positions on an annual basis, induce capital investment of $7.84 billion, yield $644 million in direct and indirect payroll, and result in $271 million in new state and local revenue.
           
I applaud Congressman Goodlatte’s efforts to introduce this bill, which stipulates that revenue generated from the lease sale and activities will be shared evenly between the state and federal government. The federal share of this revenue will be dedicated to paying off the federal debt which is at an immoral and unsustainable level.
 
            Allowing the private sector to explore Virginia’s offshore natural resources and bring new energy options to Virginia is common sense, and this legislation will ensure that these leases would begin benefitting the citizens of the Commonwealth in 2012.”
 
 

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