Resources
It is an extremely significant body of water in a geopolitical sense. It is the second most used sea lane in the world, while in terms of world annual merchant fleet tonnage, over 50% passes through the Strait of Malacca, the Sunda Strait, and the Lombok Strait. Over 1.6 million m³ (10 million barrels) of crude oil a day are shipped through the Strait of Malacca, where there are regular reports of piracy, but much less frequently than before the mid-20th century.
The region has proven oil reserves of around 1.2 km³ (7.7 billion barrels), with an estimate of 4.5 km³ (28 billion barrels) in total. Natural gas reserves are estimated to total around 7,500 km³ (266 trillion cubic feet).
According to studies made by the Department of Environment and Natural Resources, Philippines, this body of water holds one third of the entire world's marine biodiversity, thereby making it a very important area for the ecosystem. However the fish stocks in the area are depleted, and countries are using fishing bans as a means of asserting their sovereignty claims.
Read more about this topic: South China Sea
Famous quotes containing the word resources:
“I am willing to pledge myself that if the time should ever come that the voluntary agencies of the country together with the local and state governments are unable to find resources with which to prevent hunger and suffering ... I will ask the aid of every resource of the Federal Government.... I have the faith in the American people that such a day will not come.”
—Herbert Hoover (1874–1964)
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“The poor tread lightest on the earth. The higher our income, the more resources we control and the more havoc we wreak.”
—Paul Harrison (b. 1936)