Should the "Best Picture" Oscar Represent Hollywood Cinema Or All Films Made On Planet Earth?

Do you think that critically acclaimed foreign films like City Of God and Pans Labyrinth should have be nominated for the best picture at the biggest film award show? Or as the Oscars are Hollywood way of patting itself on the back should American films, like Ray and Michael Clayton get the nod over them?Should the "Best Picture" Oscar Represent Hollywood Cinema Or All Films Made On Planet Earth?
To be fair to the American film industry (I'm not American by the way), the Oscars celebrates just that, the American film industry. If we want a truly global appreciation of films then they would have to be appreciated across language and cultural barriers, and have political and commercial interests and bias taken out of the voting process, far more than even Cannes or other regional fetivals do. Possible? not likely.Should the "Best Picture" Oscar Represent Hollywood Cinema Or All Films Made On Planet Earth?
Well since the Oscars are American or deal with the American Fraternity, then I guess it should be American films. But if it was a worldwide award show then any film. I guess...