May 20, 2012 – A proposed Law of the Sea Treaty (LOST), which is supported by President Obama but has not yet been ratified by Congress, will subordinate U.S. naval and drilling operations beyond 200 miles of our coast to a newly established U.N. bureaucracy. If approved, it will grant a Kingston, Jamaica-based International Seabed Authority (ISA) the power to regulate deep-sea oil exploration, seabed mining, and fishing rights.
As part of the deal, as much as 7% of U.S. government revenue that is collected from oil and gas companies operating off our coast will be forked over to ISA for redistribution to poorer, landlocked countries. This apparently is in penance for America’s audacity in perpetuating prosperity yielded by our Industrial Revolution.
Under current law, oil companies are required to pay royalties to the U.S. Treasury (typically at a rate of 12 ½% to 18%) for oil and gas exploration in the Gulf of Mexico and off the northern coast of Alaska. Treasury keeps a portion, and the rest goes to Gulf states and to the National Historic Preservation Fund. But if LOST is ratified, about half of those Treasury revenues, amounting to billions, if not trillions of dollars, would go to the ISA. We will be required to pay 1% of those “international royalties” beginning in the sixth year of production at each site, with rates increasing at 1% annual increments until the 12th year when they would remain at 7% thereafter.
Like the U.N.’s Kyoto Protocol debacle that preceded it, this most recent LOST cause embodies the progressive ideal of subordinating the sovereignty of nation states to authoritarian dictates of a world body. The U.S. would have one vote out of 160 regarding where the money would go, and be obligated to hand over offshore drilling technology to any nation that wants it… for free.
And who are those lucky international recipients? They will most likely include such undemocratic, despotic and brutal governments as Belarus, Burma, China, Cuba, Sudan and Zimbabwe…all current voting members of LOST.
Read the full story at Forbes.