Virginia Revenue
Virginia offshore development would add billions in federal, state and local tax revenues.
The oil and natural gas industry is already helping Virginia’s economy. It adds $12 billion to the gross state product, representing more than 3 percent of the state’s wealth.
Development of oil and natural gas off Virginia's shores is estimated to generate $19.4 billion in revenue to federal, state and local governments, according to ICF International. These revenues would go to fund schools, roads, environmental preservation efforts and other services for citizens. If revenue sharing is permitted in Virginia, the Commonwealth could begin accruing benefits soon after a lease sale for the development area is held. For example, states participating in revenue sharing in the Gulf of Mexico, as authorized by Congress, received more than $27 million in the first three years of the program. This would be a major benefit during these difficult economic times to fund critical services for Virginians.
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