The Energy Capital of the East Coast?
Virginia's governor signs bills allowing offshore exploration
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Despite federal law prohibiting drilling off the East Coast, Virginia Gov. Bob McDonnell signed into law a set of measures that permit offshore oil and natural gas exploration off the coast of the commonwealth.
The bill will put Virginia on the map as the “energy capital of the East Coast,” McDonnell said.
It is not just for exploration, but also production and development off the coast.
TV3winchester.com reported the bills allocate 80 percent of future royalties and revenues to transportation funds and the remaining 20 percent to the Virginia Coastal Energy Research Consortium.
The next NBC Washington PNC Bank Community Shred is scheduled for June 16, 2012.
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