One of LOST’s “bathwater” provisions, Article 82, would cause the United States to lose a significant amount of revenue. If the U.S. ratifies LOST, it would be required under Article 82 to forfeit royalties generated from oil and gas exploration on the continental shelf beyond 200 nautical miles, an area the U.S. calls the “extended continental shelf” (ECS).
But if the U.S. was a member of LOST, it would be required to transfer a portion of that royalty revenue—now considered “international royalties”—to the International Seabed Authority, a UN-style organization created by the treaty and based in Kingston, Jamaica.
Thirteen of the world’s 20 most corrupt nations according to Transparency International are parties to LOST. Even Cuba and Sudan, both considered state sponsors of terrorism, could receive these “international royalties.”
http://www.humanevents.com/article.php?id=44659
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