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Does the American government have a treaty or a contract with the Arab oil-producing nations?

I was asked this question in my business law class and didn't know the answer. Do You ?

Public Comments

  1. Yes, they do....the Nafta-Gatt Treaty that's creating havoc
  2. yes negotiated by Kissinger all oil producers except Iraq and Iran signed on that contract prevents US from opening rich oil fields that we own. ANWAR, a piece of ground about the size ot the Dallas-Ft.Worth airport has enought oil to supply US for generations. Gull Island, Alaska has enough oil to supply US for 200 years. Cost to get it out of the ground $3.00/barrel..but our contracts prevent us from utilizing our own resources. The oil producers own our national debt, which we will repay at the gas pump by paying $4 or $5/gal.
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