Energy Tomorrow Blog
Posted November 19, 2018
As we wait for the Trump administration to unveil the next federal offshore leasing program, which will guide offshore natural gas and oil development the next five years, new studies affirm what we’ve been saying about the economic boost outer continental shelf (OCS) leasing could give to coastal states – in the form of cumulative tax revenues over a 20-year forecast period. …
Individually, each state is looking the potential for big numbers and big benefits across the entire state. They follow studies earlier this year finding that through offshore leasing these states together could see billions in projected industry spending and the creation of hundreds of thousands of jobs.
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 30, 2016
Used to be, when you thought of West Virginia and energy, you thought of coal. Indeed, West Virginia remains a big coal producer, ranking No. 2 in the country (behind Wyoming) in 2014 U.S. Energy Information Administration (EIA) statistics. But the U.S. energy renaissance – driven by advanced hydraulic fracturing and horizontal drilling – has the state’s natural gas production skyrocketing, with benefits to the state and the entire country.
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 July 9, 2015
Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with West Virginia. We started our focus on the state level with Virginia on June 29 and continued this week with Missouri, Indiana and North Carolina. The energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
Information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information will be populated on this map as the series continues.
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.