Legalisms like this have always been a theater of the absurd. If they were observed, the Spanish would have a claim on the entire Pacific Coast up to Queen Charlotte Island. Ownership of property starts with continuous occupation and use.
I agree. There’s an ancient wreck in the Bay of Jars, that doesn’t mean the post-1492 claims are suddenly invalid.
I think the treaty will be renewed and that it won’t be altered much. I have a all kinds of confidence in our ability to drill for oil, and almost as much in our ability to get the oil to market from there, but unless there’s a huge rise in the price of it, it won’t be economical.