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Salazar, McDonnell discuss Va. offshore oil

Gov. Bob McDonnell said he discussed offshore oil and gas exploration with Interior Secretary Ken Salazar on Wednesday, but he appears to be banking on the Congress to speed up energy exploration in waters off Virginia's coast.

McDonnell said he spoke "sort of informally" with Salazar on the subject during a stop in suburban Richmond by Salazar to announce funding for Civil War preservation. A planned Atlantic lease sale in 2012 was set back until at least 2017 because of the Gulf oil disaster.

The April 20, 2010, explosion off Louisiana killed 11 rig workers and led to more than 200 million gallons of oil spewing from a well a mile beneath the sea.

McDonnell, who has forcefully advocated for offshore exploration, said the issue is "very much bipartisan" with Sens. Mark Warner and Jim Webb, both Democrats, taking up Virginia's efforts to tap oil and gas deposits off the coast. They also have appealed to Salazar, urging him to also expand the proposed drilling area.

"I think it's a huge missed opportunity for energy independence," McDonnell said of the offshore oil delay.

While he said he understood the Obama administration's reasons for scaling back planned offshore exploration after the BP Deepwater disaster, McDonnell said the nation can't abandon offshore exploration as it learns from that spill, adopts reforms and adds additional layers of industry oversight.

"We're Americans. We overcome. We don't give up," McDonnell said.

In a separate interview, Salazar said the administration is not giving up on oil and gas drilling off Virginia's coast. He said, in fact, that seismic testing is planned in a triangular region of the Atlantic to assess how much oil and gas is there.

Salazar also said Virginia's huge military presence along the coast is an issue. Norfolk is home to the world's largest naval base and ships regularly sail through Atlantic waters and conduct military exercises where oil rigs would rise from the sea.

"The major challenge in terms of doing the Virginia triangle is really a conflict with defense," Salazar said in an interview with The Associated Press. "We have worked with the Department of Defense and they have showed us where the conflicts are.

"We believe the Virginia triangle is not ready for development because of the military conflicts," he added.

Salazar also said the administration already has achieved its oil and gas production goals, without the addition of Virginia waters.

The proposed exploration area encompasses 2.9 million acres, 50 miles off Virginia's coast.

The government estimates the area can produce 130 million barrels of oil and 1.1 trillion cubic feet of natural gas.

Industry officials have said new seismic studies could expand on the number, which was determined decades ago.

Environmentalists are skeptical, and contend offshore drilling isn't worth the environmental risks to tourism and fishing. They argue that estimates of oil and gas potential off Virginia represent a just sip compared to the nation's big thirst for energy.

Steve Szkotak can be reached on Twitter at http://twitter.com/sszkotakap

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Salazar, McDonnell discuss Va. offshore oil

Better Tech Buy: Apple vs. IBM – Video

03-11-2011 22:52 The following video is part of our "Motley Fool Conversations" series, in which Motley Fool senior technology analyst Eric Bleeker and chief technology officer Jeremy Phillips discuss emerging trends in technology. In today's edition, Jeremy and Eric pit Apple against IBM to decide which one of these memory leaders is the better buy. Right now there's a data boom that will lead to a quadrupling of Internet traffic by 2015. The Motley Fool has compiled a new report called "The Motley Fool's Top Stock for 2011," mot.ly which highlights a company that's set to profit handsomely from the booming amounts of data flowing across the Internet, no matter which company delivers the video. Thousands have requested access to this special free report, and now you can access it today at no cost. You can get instant access to the name of this company by clicking here -- mot.ly

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Better Tech Buy: Apple vs. IBM - Video

Investors Should Avoid Groupon's IPO – Video

04-11-2011 08:37 The following video is part of today's MarketFoolery podcast, in which host Chris Hill and advisors Jason Moser and Joe Magyer analyze the latest business news. On the eve of Groupon's IPO, the guys look back at some of the other Internet IPOs of 2011 and share why they won't be buying shares of Groupon's stock any time soon. If you're looking for other stock ideas, look no further than The Motley Fool's new free report, "The Hottest IPO of 2011." mot.ly The report lists one recent IPO set to take off thanks to its leadership in booming Latin American markets. Get instant access to the report. mot.ly

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Investors Should Avoid Groupon's IPO - Video

Occupy Wall Street: A Wall Street Stock Broker Speaks Out — Part 5 of 5 – Video

21-11-2011 03:15 Alexander Efros, MBA, CPA, President and Founder of Athelon Wealth Management, occupies Wall Street in a different way. Mr. Efros sits down with a FINRA-licensed Wall Street Stock Broker to discuss the training and qualifications necessary to be a licensed broker, as well as the sales tactics and business models currently being used in the highly lucrative brokerage industry. This broker, who is referred to as "John" for purposes of anonymity, provides valuable insights seldom spoken outside the doors of today's prominent brokerage firms. ***PLEASE NOTE: DUE TO FEEDBACK REGARDING AUDIO QUALITY, CLOSED CAPTIONS HAVE BEEN ADDED TO DISPLAY THE INTERVIEW AS TEXT WHILE THE VIDEO PLAYS. TO ENABLE CLOSED CAPTIONS, CLICK ON THE "CC" BUTTON IN THE LOWER RIGHT-HAND PORTION OF THE VIDEO PLAYER. IN ADDITION, PRESSING "B" ON YOUR KEYBOARD WILL ENABLE A BLACK BACKGROUND WHICH WILL MAKE READING THE TEXT MUCH EASIER. THESE CLOSED CAPTIONS HAVE BEEN TESTED TO WORK WITH INTERNET EXPLORER.*** Special thanks to "John" for his participation in this interview. Please note that "John" was NOT compensated in any way for taking part in this project. The full unedited interview is available at: http://www.youtube.com/AthelonWealth. Have additional questions for "John"? Would you like to see a video on a particular topic? If so, submit your questions and comments to support@athelonwealth.com! We will create new videos based on your requests and feedback. Athelon Wealth Management is an Independent Fee ...

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Occupy Wall Street: A Wall Street Stock Broker Speaks Out -- Part 5 of 5 - Video

Tim Sykes interviewed on Tastytrade Radio Show 12-7-11 – Video

08-12-2011 00:12 Tim discusses: - Information dissemination on The Internet - How a new person can get started with Penny Stocks - Dealing with distressed company stocks Visit http://www.timothysykes.com for more info about Tim. *Disclaimer* I do not own nor claim to own the copyrights to this video and I am publishing this for information purposes only

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Tim Sykes interviewed on Tastytrade Radio Show 12-7-11 - Video