Offshore Oil Revenue: A Bad Deal for Virginia

Fact Sheet
May 02, 2019

Offshore oil and gas drilling is an inherently dirty, dangerous business that can cause oil spills along with air and water pollution—all of which would threaten the $2.7 billion generated annually in the state by industries that rely on clean beaches and a healthy ocean. Still, some argue that drilling off Virginia’s coast would be worth it if the state reaped a share of federal revenues from offshore oil and gas leasing and production. But revenue sharing is a bad deal for Virginia. The promise of sharing some federal revenue is outweighed by the environmental, social, and economic costs oil and gas drilling would bring to the state.