Obama allows offshore drilling in Virginia

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Virginia will be the first state on the East Coast to explore for oil and natural gas as a result of actions today by the White House.

President Obama said that the federal government will allow drilling 50 miles off the Virginia coast. The announcement was included in a speech on Andrews Air Force Base in Maryland on the administration’s comprehensive energy policy.

Gov. Bob McDonnell welcomed the move saying that energy exploration would result in the creation of thousands of jobs and billions of dollars in economic activity.

“However, to fully participate in the positive impact of offshore energy development, the Commonwealth must be included in all royalty and revenue sharing arrangements, in a manner equivalent to what the Gulf Coast states currently receive,” McDonnell said.

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