"Petroleum Extraction Act"
A resolution to develop industry around the world.
Category: Advancement of Industry |Area of Effect: Environmental Deregulation | Proposed by: Jean Pierre Trudeau
The World Assembly,
Noting petroleum, and petroleum based products often comprise a large portion of nations revenues,
Also realizing the extraction and production of petroleum products can be harmful to the environment,
Seeking to create sensible legislation that protects the rights of petroleum producers, as well as the environment,
The General Assembly hereby:
- For the purposes of this resolution defines "petroleum" as a liquid mixture of hydrocarbons that is present within certain rock formations that can be extracted and refined,
- Declares member nations shall maintain complete sovereignty over mineral rights to petroleum formations within their national borders, as well as any exclusive economic zones they they claim in accordance with World Assembly legislation,
- Grants member nations full sovereignty to pass regulations on the practices of hydraulic fracturing, water flooding, liquefied carbon dioxide stimulation and off-shore drilling that takes place within their national borders and exclusive economic zones,
- Urges member nations to enact legislation holding petroleum producing corporations responsible for environmental contamination that occurs as a result of petroleum extraction operations.
This is the proposed replacement to: Responsible Offshore Drilling