Why is OIL not under WTO free trade regulations?

Question

why is it oil trading as a commoderty is not subject to the same WTO rules as other commoderties, and it production is allowed to be dictated by a cartel( opec) which = a union. Where is the free trade in all of this? Why is the WTO allowing prices gourging in OIL to continue?

Answer 1

Simple, there is an already existing international organization that deals with oil: OPEC (Organization of Petroleum Exporting Countries).  Their main goal is to set oil prices collectively so they work together to keep demand high and prices high.  There is a clause within the OPEC charter that states that members must abide by their ruling over any other trade relation when it comes to oil or that they will be disbarred.  Basically, these countries get together and decide how much oil each is going to produce.  Then, they do the math to figure out how much that will push up oil (and gas) prices.  The idea is that if they limit oil, we will pay more for it (and we do).  The reason the WTO doesnt do anything is simply because it cant.  Some of the members of OPEC are also not members of the WTO and hence to not have to abide by their laws.  

As a side note, technically the US is also a petroleum exporting country, but not a member of OPEC, wonder why?

Answer 2

Because the Rothschilds and Rockefellers told them to rape people on it.

Answer 3

because oil is oneof the most important resources

Answer 4

You won't get a good answer on Yahoo. Read here.

http://www.oxfordenergy.org/pdfs/SP12.pd...