Drill, Baby Drill… new jobs for Virginia?
Soon to be innaugurated Governor McDonnell, ran on a platform of new jobs and an aggressive approach to finding new energy sources for the state. McDonnell is already moving to follow through on his promises, citing the following as he urges the Ferderal government to loosen its policies on offshore drilling:
A 2005 study by a former president at Old Dominion University forecast that offshore natural gas production alone off of the Atlantic coast near Virginia would, over a 10-year period, likely create at least 2,578 new jobs, induce capital investment of $7.84 billion, yield $644 million in direct and indirect payroll, and result in $271 million in state and local taxes. The study also estimated that there could be up to 500 million barrels of oil in this lease area – enough to fuel all four million cars in Virginia for more than four years.
Although some critics have challenged the validity of this “study” and no one has been able to obtain a copy of the body of the report, many of the voters that pushed McDonnell through with a landslide victory are hopeful that he will come through on his campaign promises. Jobs, tax revenue for the beleagured budget, and an alternative natural resource… what could be better ?
Virginians from Fairfax to Norfolk anxiously await the New Year, the new governor and the new policies that will either boost or befuddle the state budget, the real estate markets, the job markets and our school systems. Lots of forecasters are predicting the end to economic downturn… others see further lows to come… What do you think?
