Ross, D.A., C.E. McLain, and J.E. Dailey
Sea Technology, pp. 15-20, 1989 WHOI-R-89-019
In the late 1980’s less than 1% of the annual resources consumed in the United States comes from the sea. Yet the March 1983 Exclusive Economic Zone (EEZ) Proclamation by President Ronald Reagan gave the U.S. exclusive jurisdiction over the resources of the ocean out to 200 nautical miles. To date, the potentially great rewards from the development of marine resources by the private sector have been greatly inhibited by the peculiar nature of the risks involved in such candidate projects.