The Senate is gearing up to ratify a Nixon-era U.N. treaty meant to create universal laws to govern the seas -- a treaty critics say will create a massive U.N. bureaucracy that could even claim powers over American waterways.

LOST -- the U.N. Convention on the Law of the Sea, also called the Law of the Sea Treaty -- regulates all things oceanic, from fishing rights, navigation lanes and environmental concerns to what lies beneath: the seabed's oil and mineral wealth that companies hope to explore and exploit in coming years.

But critics say the treaty, which declares the sea and its bounty the "universal heritage of mankind," would redistribute American profits and have a reach extending into rivers and streams all the way up the mighty Mississippi...