Page added on August 25, 2008
…Not only does every other Arctic nation know that the melting ice caps are opening up new resources in these waters, but they all have done at least something about it, staking their claim in some way to what many believe is an economic treasure chest of energy reserves. That is, every nation except the United States.
Shockingly, the United States remains the only major industrialized nation that has not signed the Law of the Sea treaty. As a result, we do not have a seat at the table, or a say in other nations’ efforts to extend their continental boundaries in the Arctic and elsewhere. This prevents us from laying a legitimate claim to our share of valuable resources. And despite an unprecedented level of diverse bipartisan support to sign this treaty, the United States still can’t seem to commit.
It’s a shame that Senate can’t seal this deal, considering all that’s up for grabs. As melting ice caps now reveal, the amount of economic resources on the Arctic floor is staggering. The Geological Survey confirms that the area holds one-fifth of the planet’s recoverable oil and natural gas reserves. It’s no secret that the United States is struggling with a looming economic recession and rising energy prices, so access to these resources will be critical in order to preserve both our own financial well-being as well as our ability to compete economically with other countries. At a time when many are calling to open up the United States’ outer continental shelf to offshore drilling, it is stunning that Congress remains unwilling to take the action needed to ensure U.S. access to Arctic oil and gas reserves.
According to representatives from all of the major ocean industries including offshore energy, shipping, international trade, telecommunication, fishing and shipbuilding, becoming party to the Law of the Sea treaty will significantly enhance our nation’s economic security. In fact, leaders from these industries publicly supported U.S. accession to the treaty by signing a letter to the Senate and the president last fall. Organizations on that list included the Independent Petroleum Association of America, Chevron Corporation, the American Sportfishing Association, the Chamber of Shipping of America, the National Fisheries Institute and the American Petroleum Institute.
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