Larry Bell: Will U.S. Sovereignty be LOST at Sea?

The [LOST] treaty proposes to create a new global governance institution that would regulate American citizens and businesses without being accountable politically to the American people. Some treaty proponents pay little attention to constitutional concerns about democratic legislative processes and principles pf self-government, but I believe the American people take seriously such threats to the foundations of our nation.” [2] – Donald Rumsfeld, “Why the U.N. Shouldn’t Own the Seas,” June 12, 2012.

A proposed Law of the Sea Treaty (LOST) which has not yet ratified by Congress will grant a newly established U.N. bureaucracy, the Kingston, Jamaica-based International Seabed Authority (ISA), power to regulate deep-sea oil exploration, drilling operations, seabed mining, and fishing rights beyond 200 miles of our coast. As part of the deal, as much as 7% of U.S. government revenue that is collected from these oil and gas operations will be forked over to ISA for redistribution to poorer, landlocked countries.

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. If LOST is ratified, 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. This can amount to billions, if not trillions of dollars. [1]

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. Those recipients will most likely include such undemocratic, despotic and brutal governments as Belarus, Burma, China, Cuba, Sudan and Zimbabwe…all current voting members of LOST.

MasterResource

One response to “Larry Bell: Will U.S. Sovereignty be LOST at Sea?

  1. Utter madness. Is no one looking after American sovereignty?

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