Post by troubledgoodangel on Nov 26, 2007 3:47:12 GMT -7
As the prices of oil catapult toward $100/barrel, and the economies of the entire world are being strangled, the World Trade Organization and the world governments seem at odds what to do. Any attempt to convince OPEC to increase production, is being met with a stern "absolutely no discussion" from the Saudi Oil Minister, Al Naimi (as was his response yesterday to the U.S. Energy Secretary Bodman). Is Mr. Al Naimi acting on behalf of OPEC, or is he reflecting the policy of King Abdullah and the entire Arab bloc? I am not a politician, but you do not have to be a politician to see that the latter is the case. The Saudis have started this world market busting policy a year ago, when they decided to withdraw 1.2 million barrels from the usual market quota at that time. They did it poking their fingers in the eyes of the entire non-Arab world! Oil, like wheat or water, is a indispensable market commodity, which cannot be treated like potatoes! You withhold oil or water or wheat, and you endanger the world! Endangering the world means endangering the welfare of millions, beginning with the poorest! The underprivileged in many contries, children especially, are already starving because of this OPEC policy! This is clearly a violation of the U.N. Charter on Human Rights! Oil, wheat, water supplies should be regulated by the U.N., not OPEC: on these commodities, the life and well-being of countless millions, depends! Whatever the Saudi motives were, what they did, amounted to a gross violation of the rules of free trade and of civilized behavior! No trading system can absorb a hijacking of a vital commodity! And neither can the world! The question becomes: what has the WTO done in face of this blackmail? Was not Saudi Arabia a member of WTO when this happened? As the repercussions of the Arab policies shake the free world, there is no room for inaction. Something needs to be done, to bring the Saudis to their senses! To begin with, King Abdullah should be ordered to pay 100 billion restoration to the world charities! And, if the Saudis do not return the oil production to last year's levels, they must keep paying stiff penalties for holding the entire world hostage!