... The US currently enjoys sovereignty over its entire continental shelf. This allows Americans to utilize the zone economically, including oil and gas production. Royalties of 12.5% to 18.75% on what some believe to be worth billions or trillions currently accrue to the Treasury. But article 82 of the treaty alters this. It would divert royalties to a UN body in Kingston, Jamaica. The explicitly stated purpose: redistribution of wealth “on the basis of equitable sharing criteria, taking into account the interests and needs of developing States, particularly the least developed.” ...
Christian Whiton is a former U.S. State Department senior advisor and is a principal at DC International Advisory. [www.dciadvisory.com]
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