A Need of Uniform Policy to Regularize Oil Prices: The Role of the WTO and OPEC in the Oil Market
Jain, M.
Abstract:
The price of fuel worldwide is unrealistically ascending to a new level which has caused unease amongst consumers, policymakers and players dealing in energy field. Increase in price of Oil at the cost of obliterating the policies farmed to promote trade liberalization has impended economic growth of various countries. This paper primarily studies the trade pattern of export-import of crude oil and its influence on prices of fuel both at international and domestic level. The attributes controlling the Oil price majorly includes price controls and production quotas which are largely outside the disciplines of the WTO. The aim of this paper is to introduce and provide an overview of the trade distortions currently unbalancing the pricing of Oil which has prejudiced the fundamentals of the WTO Law. This paper reviews the principles of the WTO and GATT which are progressively applicable to trade in relation to energy and energy products. The article argues that the current WTO rules need a bold reformation for an affirmative action to control hike in oil prices all over the world via introduction of a separate Uniform Policy in relation to trade in energy and energy products.
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APA citation
- Jain, M. (2012). A Need of Uniform Policy to Regularize Oil Prices: The Role of the WTO and OPEC in the Oil Market. International Journal of Social Sciences, I(2), 83–95.