The oil in the Arctic may be lost to the UN

August 5, 2008 at 9:15 am 1 comment

I could see this coming… I never believed ANWR was really off limits for environmental purposes.
As far as not being worthwhile because we won’t get a drop of oil for years to come…That is just buying time… Should American oil companies stop drilling in the arctic because their taxes are too high, they will move or sell out to other countries, such as Saudi Arabia. In the mean time, the Saudi’s can just use the UN and the “Environmentalists” to keep us from drilling. Buying into the UN, and “global warming” is are buying our way into slavery….MCL

By Alan Caruba
web posted August 4, 2008
http://www.enterstageright.com/archive/articles/0808/0808lostoil.htm
One would have thought that the Bloomberg News report by Joe Carroll that “The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan, and Mexico combined, and enough to supply U.S. demand for 12 years” would have evoked some interest by the public and other media outlets. The report by the U.S. Geological Survey was greeted mostly by a giant collective yawn.

“One third of the undiscovered oil is in Alaskan territory, the agency found…”  Considering that the Democrat-controlled Congress adamantly refuses to let exploration and drilling occur for the oil known to exist in and off-shore Alaska, it is perhaps not surprising that the public has concluded that it will remain beneath the hoofs of caribou.

Apathy, however, is not a very good response to the prospect of this mother lode of potential new oil. Worse yet, we stand lose any of the wealth it will generate if the same Congress signs the United Nations Law of the Sea Treaty, whose acronym, LOST, could not be more accurate. The Joint Chiefs of Staff have endorsed it, apparently oblivious to the fact that the mighty U.S. Navy can go anywhere it wants in the world. Even the Bush administration has marshaled no arguments against it.

This monstrosity of a treaty has been around since the days when the Reagan administration first rejected it.

Full disclosure of the contents of this treaty would have Americans in the streets of Washington, D.C. brandishing pitchforks. Bernard Oxman a professor at my alma mater, the University of Miami, describes its text as “amply endowed with indeterminate principles, mind-numbing cross-references, institutional redundancies, exasperating opacity, and inelegant drafting.” In other words, it is a document intended to steal the wealth to which the United States has a legitimate claim.

Douglas Stone, a Senior Fellow at the Center for Security Policy, warns that, “LOST fostered the idea, per se, of international organizations with increasing transnational jurisdiction. Its bureaucracy will be nourished by royalties on mineral extraction and provide a model for similar agencies to assume authority and impose taxes and to inexorably devour American institutions and autonomy.”

Can you imagine gifting the United Nations with $50 trillion in Arctic oil taxes? That is what the U.S. Senate proposes to do if it ratifies LOST.

Frank J. Gaffney Jr., president of the Center, reminds us that, “If Americans have learned anything about the United Nations over the last 50 years, it is that this ‘world body’ is, at best, riddled with corruption and incompetence. At worst, its bureaucracies, agencies and members are overwhelmingly hostile to the United States and other freedom-loving nations…”

The United Nations International Seabed Authority (ISA) for more than a decade has never produced a single commercial minerals harvesting operation despite having unfettered access to all the world’s great oceans resources.

The United States, however, needs oil now. In addition to Congress having put vast reserves in Alaska’s ANWR off-limits, it has done the same for exploration and drilling in 85% of the nation’s continental shelf. The windfall profits tax imposed during the Carter administration led to a huge decline in oil industry activity in the United States, even after it was repealed.

The solution to America’s present oil crisis lies in part in the Arctic Commons and, in particular, the Amerasia-Canada basin that holds the promise of huge oil reserves for centuries to come.

A dangerous scramble for the oil and gas reserves between Russia and the West can be avoided and, more to the point, the U.S. will lose its entire future commercial and energy security by signing onto LOST. Meanwhile, Democrat leaders in both houses of Congress have already rejected President Bush’s July 14 effort to end a 25-year moratorium on drilling in most coastal waters.

The Democrat controlled Congress are either insane, treasonous, or both. Its presumptive candidate for President wants to repeat Carter’s appalling windfall profits tax on oil companies.

As the Bloomberg News report noted, “The region above the Arctic Circle also holds an estimated 1,669 trillion cubic feet of natural gas, equal to 27 percent of the world’s known gas reserves, according to the U.S. Geological Survey report. “Contributors to the data included the Geological Survey of Canada, the U.S. Interior Department’s Minerals Management Service, the Norwegian Petroleum Directorate, the Cambridge Arctic Shelf Program, and researchers in Denmark and Greenland. No Russian institutions took part in the study.”

At a time when nationalized foreign oil companies control more than 70% of the world’s energy resources, private enterprise is the only answer to our national energy security. The largest transfer of wealth in history is occurring and it bodes ill for the United States. We dare not compound this travesty by failing to take steps to ensure access to the Arctic Commons vast reserves.

Alan Caruba writes a weekly column posted on the Internet site of The National Anxiety Center. He blogs daily at http://factsnotfantasy.blogspot.com.

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Entry filed under: Politics, Saudi Arabia, Uncategorized, United Nations. Tags: , , .

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1 Comment Add your own

  • 1. jeff roensch  |  August 6, 2008 at 4:23 am

    The only energy or oil monopoly in this country is a governmental institutionalized monopoly on our country energy market. The legislative branch has been engaging in anti-competitive energy practices from drilling to building new refineries and much more. They are in clear violation of the

    “Sherman Antitrust Act
    This Act expresses our national commitment to a free market economy in which competition free from private and governmental restraints leads to the best results for consumers.” http://www.usdoj.gov/atr/contact/newcase.htm#file

    Clearly the governmental restraint are in violation of a free market economy and is criminal negligence on the part of the liberal politicians who are the real cartel that profit in taxes more then 3 to 1 to the oil companies that actually work for their money and then have to pay taxes on top of that. So when Oil profits go up the tax revenue increase is 3 times that of the oil companies. So who do you think is the real cartel???

    This criminal incompetence of the democrats and legislative politicians anti free market energy economy in allowing American companies to meet American Oil needs is in need of change and with bush opening up offshore drilling it is time that we conservatives take a page from the left wing play book and for us to us the judicial system in upholding our laws and open up drilling.

    Why dose the Senate call for investigations on big oil? Because they are trying to transfer the blame off of them by placing the blame on someone else. By placing the blame on the oil companies and keep people from seeing that government is the true problem they are able to offer false hope in an effort to gain more power and money from taxes while eliminating a free market economy in our country and forcing us to send our money to unfriendly Middle Eastern countries.

    Why should we drill?
    1) Create more high paying jobs for Americans
    2) Become energy independent and stop sending $700 billion to middle eastern countries that support terrorism
    3) Invest the $700 billion in America
    4) $700 billion is 6% of the yearly US economy, and investing this in America would do what to our economy? Lower inflation and strengthen the US dollar?
    5) Instantly drop the price of oil because oil Speculators like me would invest in commodity producers that provide the product like Exxon, Chevron, BP, Shell, because this is the smart investment. When Oil Speculators transfer investments the Oil price falls on the stock market.

    Reply

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