U.S. economy will benefit from resource exploitation in territory gained by ratifying UNCLOS

From an economic perspective, the United States emerges a clear winner under the convention’s provisions on the exclusive economic zone (EEZ) and the continental shelf, due to its lengthy coastline and island possessions that border on several particularly productive ocean areas such as the Bering Sea. The United States has the largest and richest EEZ in the world. Also, our extended continental shelf has enormous potential due to oil and gas reserves, particularly in the Bering, Chukchi, and Beaufort Seas west and north of Alaska.

Discoveries by the crew aboard the USCG icebreaker Healy reveal that the U.S. continental shelf in the Arctic Ocean is much more extensive than originally thought. Nevertheless, only by becoming party to the convention and participating in its processes can the United States obtain secure title to these vast resources, adding an area twice the size of the Louisiana Purchase (some 290,000 square miles) for U.S. sovereign resource exploitation.⁵Climate Right for U.S. Joining Law of Sea Convention  — Scott G. Borgerson and Ambassador Thomas R. Pickering. — Council on Foreign Relations — Dec 23, 2009 [ More ]

Despite claims from critics of the convention that the United States could and should develop its continental shelf resources beyond 200 miles without becoming a party to UNCLOS, it stands to reason that any oil, gas, or mining company would want the legal certainty of the convention before investing billions of dollars to develop an offshore feld, no matter how rich it might be.⁶To Rule the Arctic’s Waves, U.S. Can’t Waive the Rules  — Editorial. — Business Week — Oct 05, 2011 [ More ] In addition, the convention’s deep seabed mining provisions, as amended in 1994, would permit and encourage American businesses to pursue free-market-oriented approaches to deep ocean mining, including in the Arctic Ocean.