Virginia Petroleum Council: Offshore energy executive action will bring jobs, economic growth to Virginia
RICHMOND, April 28, 2017 – Virginia Petroleum Council Executive Director Miles Morin today welcomed the Trump administration’s executive action to advance offshore domestic energy production, bringing jobs and economic growth to the state.
"This administration’s action to prioritize responsible U.S. energy development is welcome news for consumers and businesses in Virginia,” said Morin. “Developing our abundant offshore energy resources in the Atlantic is a critical part of a robust, forward-looking energy policy that will secure our nation’s energy future. With the existing port, infrastructure, and wide variety of maritime industries like shipbuilding and engineering, Hampton Roads can help strengthen our national security and fuel the energy our nation demands. This existing supply chain and Virginia's unique portfolio of coastal industries will position Virginia to be the hub for Atlantic energy development, diversifying our economy and benefitting our commonwealth.
“The Mid-Atlantic outer continental shelf off our coast is estimated to hold 2.41 billion barrels of oil and 24.63 trillion cubic feet of natural gas, which is why embracing these resources in a safe and responsible way is so important for our energy security. Doing so will also spur investment and economic activity, create jobs, provide revenue to the state and federal governments, and strengthen our national security. The U.S. oil and natural gas industry has a long history of safe operations, and 80 percent of American voters support increased domestic oil and natural gas production. We look forward to continuing our work on policies that will embrace our offshore energy potential to meet the energy needs of the consumers and businesses of Virginia."
The Virginia Petroleum Council is a division of API, which represents all segments of America’s oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.