Keystone Energy Forum

Virginia Oil & Natural Gas

Oil and Natural Gas Beneath the Waves of Virginia

Virginia's offshore oil and natural gas resources can increase energy security and drive new jobs.  These resources can also add billions of dollars in revenue to fund schools, roads and other much-needed services.

Looking out along the Virginia coastline, one sees endless waves.  The ocean waters hold a rich treasure which can help ensure America’s energy security.  The oil and natural gas in the 2.9 million acres off the coastline of Virginia would create thousands of new jobs and add billions to state and federal coffers. 

ICF International estimates, based on the latest seismic and drilling technologies, there are half a billion barrels of oil and more than 2.5 trillion cubic feet of natural gas beneath the area off the shore of Virginia.  This is enough oil to fuel all 4 million cars in Virginia for more than four years, and natural gas to heat all 3.2 million Virginia households for more than 11 years.

Jobs on the Shores of Virginia

The oil and natural gas industry today employs 143,000 in the state and adds $12 billion to the state’s gross product, more than 3 percent of Virginia’s overall wealth.  The industry is also important to places such as Hampton Roads and Norfolk, which houses a large military population and a shipbuilding industry dependent on energy and oil.  

Development of the oil and natural gas resources off the coastline would result in more well-paying jobs, add investments to the state, and potentially millions in state revenue.  It would also help reduce our dependence on oil from nations who do not share our values or our interests.

But we must start now to develop these rich offshore resources by removing barriers such as the current offshore moratorium on development and create the jobs, revenues and energy security that Virginia and our nation so desperately need.