-- Del. Peace co-patrons legislation allowing for oil exploration 50 miles off shore --
Central Virginia - In a recent letter to Ken Salazar, U.S. Secretary of the Interior, Delegate Christopher K. Peace (R-Hanover) urged his support for the development of energy resources off the coast of Virginia. A study by ICF International estimates that developing Virginia's offshore energy resources could result in nearly $19.5 billion in federal, state, and local government revenues.
Peace reiterated his support of these initiatives by co-patroning House Bill 787, a measure which states the policy of the Commonwealth to support oil and natural gas exploration, development, and production 50 miles or more off Virginia's coast. Currently, the policy is limited to supporting exploration for natural gas resources 50 miles or more offshore. The legislation passed the House by a vote of 69-28 on February 3.
"In these challenging fiscal times, the economic impact of the Lease Sale cannot be downplayed. Delaying the opportunity for Virginians to benefit from the development of oil and natural gas resources would subsequently delay the opportunity to bring critical jobs to Virginia, and threaten the potential for future revenue sources," commented Peace. "This policy is strongly supported by Governor Bob McDonnell."
In September of 2008, Congress lifted the federal moratoria on offshore exploration. This action brings with it tremendous opportunity for our Commonwealth to begin investments that will reduce reliance on foreign sources of energy, while also helping to strengthen our economy.
Delegate Christopher K. Peace was elected to his third term representing the 97th District of the Virginia House of Delegates. The District includes parts of Hanover, Caroline, King William, King and Queen, Henrico, Spotsylvania Counties and all of New Kent County.