Not the Television program, the Law of Sea Treaty.
Wikipedia defines it as such:
The United Nations Convention on the Law of the Sea (UNCLOS), also called the Law of the Sea Convention or the Law of the Sea treaty, is the international agreement that resulted from the third United Nations Conference on the Law of the Sea (UNCLOS III), which took place from 1973 through 1982. The Law of the Sea Convention defines the rights and responsibilities of nations in their use of the world’s oceans, establishing guidelines for businesses, the environment, and the management of marine natural resources. The Convention, concluded in 1982, replaced four 1958 treaties. UNCLOS came into force in 1994, a year after Guyana became the 60th state to sign the treaty. To date, 162 countries and the European Community have joined in the Convention. However, it is uncertain as to what extent the Convention codifies customary international law.
The convention was opened for signature on December 10, 1982 and entered into force on November 16, 1994 upon deposition of the 60th instrument of ratification. The convention is ratified by 161 states (including the Cook Islands and Niue) and the European Union.
Countries that have signed, but not ratified
(17) Afghanistan, Bhutan, Burundi, Cambodia, Central African Republic, Colombia, El Salvador, Ethiopia, Iran, Democratic People’s Republic of Korea, Libya, Liechtenstein, Niger, Rwanda, Swaziland, United Arab Emirates, United States.
Countries that have not signed
(17) Andorra, Azerbaijan, Ecuador, Eritrea, Israel, Kazakhstan, Kyrgyzstan, Peru, San Marino, South Sudan, Syria, Tajikistan, Timor-Leste, Turkey, Turkmenistan, Uzbekistan, Venezuela (and excluding the states with limited recognition).
One of LOSTâ€™s â€œbathwaterâ€ 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 â€œextended continental shelfâ€ (ECS).
Under current law, oil companies are required to pay royalties to the U.S. Treasury (generally at a rate of 12Â½% to 18Â¾%) for oil and gas exploration in the Gulf of Mexico and off the Northern coast of Alaska. The Treasury retains a portion of those royalties, while the rest goes to Gulf states and the National Historic Preservation Fund.
But if the U.S. was a member of LOST, it would be required to transfer a portion of that royalty revenueâ€”now considered â€œinternational royaltiesâ€â€”to the International Seabed Authority, a UN-style organization created by the treaty and based in Kingston, Jamaica.
How much are we talking about here? Itâ€™s difficult to estimate the volume of the oil and gas on the ECS, but the U.S. Extended Continental Shelf Task Force, an interagency project currently mapping the extent of the ECS, estimates that the ECS resources â€œmay be worth many billions, if not trillions of dollars.â€
If the U.S. joined LOST, it would be required to pay â€œinternational royaltiesâ€ beginning in the sixth year of production at each exploration site on the ECS. Starting in year six, it would pay 1% of the total production to the authority. Thereafter, the royalty rate increases in increments of 1 percentage point per year until year 12, when it reaches 7%. The royalty rate remains at 7% until production ceases. In sum, starting in the 12th year of production, about Â½ of the revenue that would otherwise go to the U.S. Treasury would instead be sent to the authority.
So who would benefit from this American largesse? The final say regarding distribution of Article 82 royalties is the â€œassembly,â€ a body made up of more than 160 countries. The United States would be powerless in the assembly, where it has only a single vote, to prevent the transfer of royalties to repugnant regimes. The assembly may vote to distribute royalties to undemocratic, despotic or brutal governments in Belarus, Burma, China or Zimbabweâ€”all members of LOST.
Oh, the U.S. DID sign, thanks to Obama, by Executive Order
Law Of Sea Treaty (LOST) ratified by Obamaâ€™s Executive Order 13547
â€œA nation can survive its fools and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and he carries his banners openly against the city. But the traitor moves among those within the gates freely, his sly whispers rustling through all alleys, heard in the very halls of government itself. For the traitor appears no traitor; he speaks in the accents familiar to his victim, and he wears their face and their garments and he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation; he works secretly and unknown in the night to undermine the pillars of a city; he infects the body politic so that it can no longer resist. A murderer is less to be feared. The traitor is the plagueâ€ -Tullius Cicero