“After about five years of lease sales and ramping up activity, you got about $122 million of direct spending just in the Hampton Roads area, what we define as the Virginia Beach MSA, and that will rise to $1.3 billion in year twenty. So there is a lot of concentrated benefits for the Hampton Roads area to the tune of $1.3 billion per year and maintaining and growing in year twenty.”
Born in Norfolk and raised in Virginia Beach, Miles Morin is very familiar with the region, including its economy and natural resources. He also is an advocate of putting those resources to work by allowing oil and natural gas to be explored for and developed.
In this podcast, Morin explains why permitting Lease Sale 220 (the government’s area for offshore energy development) to progress has only an upside for Hampton Roads’ future.
Topics that we cover in this conversation include:
– The objective and history of the American Petroleum Institue and Virginia Petroleum Council
– The state of offshore gas and oil exploration post-Deepwater Horizon
– The recovery of the Gulf of Mexico following Deepwater Horizon
– Current technology of oil exploration and drilling, safety, and training
– Seismic studies, circa 1980
– Tourism and line of sight
– State and Federal Revenue Sharing
– Military concerns and involvement with the issue
– Industrial and manufacturing development in the region
– Economic opportunities and job growth afforded by permitting offshore oil and gas drilling
– The way ahead
Links of Note:
Bureau of Energy Management: Lease Sale 220
API: America’s Offshore Energy Opportunity
CNBC: Much of the Deepwater Horizon oil spill has disappeared because of bacteria
Houston Chronicle: Unleash the drones!
Magnum Economics: The Economic and Fiscal Contribution that the Development of Offshore Oil and Natural Gas Resources could make to the Virginia Beach MSA
API: The Benefits of U.S. Offshore Oil and Natural Gas Development in the Atlantic
API: The Benefits of U.S. Offshore Oil and Natural Gas Development in the Atlantic – Virginia
DOD Deputy Secretary Letter to Interior Department on Interagency Working Group
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