(Source: Richmond Times - Dispatch)As debates about climate change and health care engulf America, we cannot overlook a recent anniversary marking one lost year and counting. When Congress let expire the moratoria on oil and natural gas exploration in coastal waters, the economic possibilities of new jobs, trillions of revenue dollars, and bolstered energy security were finally within national reach. But thanks to governmental slow- pedaling, America now greets the anniversary of this major policy change with nothing but outturned pockets and continued delay. During our year of inaction, more than 200 oil and natural gas discoveries have been reported across five continents, in countries including Australia, Brazil, Norway, and Ghana. Just for the first half of this year, according to HIS Cambridge Energy

Research Associates, those new discoveries have totaled about 10 billion barrels of oil.

The development of America's vast domestic oil and natural gas resources that had been kept off-limits by Congress for decades could generate $1.7 trillion in revenue for federal, state, and local governments. According to an ICF International study, domestic development could also create thousands of well-paying jobs. Despite government intervention, unemployment is still rising. Domestic exploration could enhance America's energy security and help solve our economic problems.

On the local level, Virginia has an unprecedented opportunity to be the first state along the Atlantic to benefit from the development of offshore oil and natural gas resources. Should this happen, the commonwealth stands to gain more than 1,888 new jobs if these areas were developed. It's the type of solution the state needs to overcome its 6.9 percent unemployment rate.

Offshore development in Virginia could also generate $19.5 billion in federal, state, and local revenues. Over the life of the resource, ICF International estimated that Virginia's share of production from the Outer Continental Shelf could total half a billion barrels of oil and 2.5 trillion cubic feet of natural gas. That energy, straight from Virginia's shores, would provide part of America's energy solution, as our nation attempts to stay competitive in the face of rapid globalization and increased competition for resources.

The issue is clearly important to the American people. The government's open comment session where citizens, policymakers, and others who wished to voice an opinion on offshore exploration has drawn to a close.