VA Senators Mark Warner (D), and Jim Webb (D) have just approved the selling of a lease to the American Petroleum Institute (API) right off the coast of the state, for the purpose of oil and natural gas drilling. The incentive was to increase jobs, and revenue for the state, which will share revenue from the oil and natural gas development off its shores. A huge abundance of natural gas, aka The Marcellus Shale, was also found in the western region of the state according to the API website. However, while the economic impact would be positive, the environmental impact could be extremely negative. Hydraulic fracking to extract natural gas from the Earth has resulted in severe, long-term environmental problems including groundwater contamination, and noxious fumes that can be deadly to both humans and animals. If you haven’t seen the documentary “Gas Land,” I highly recommend it.
If you refer to the recent legislation allowing exploration through an offshore Virginia lease sale (see first link), then the answer to your question is NO type of energy reserve has been discovered in Virginia recently. This would allow exploration. The oil and natural gas potential offshore Virginia is low, though not zero.
Perhaps you refer to the Coles Hill uranium deposit. That is a deposit that is undeveloped, but has significant potential.
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