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Petrol price 'rigged for a decade'

Motorists may have paid thousands of pounds too much for their petrol over the last decade, after two of Britain’s biggest companies were raided on suspicion of manipulating oil prices.

By Rowena Mason and Emily Gosden
9:57PM BST 14 May 2013

MPs and energy experts have raised fears motorists have been “taken for a very expensive ride”, after officials searched the offices of BP and Shell for evidence of price-rigging.

The companies are suspected of distorting the oil price since 2002, meaning drivers have potentially been ripped off for more than 10 years.

Over that time, petrol prices have risen dramatically by more than 80 per cent to around 135p per litre.

European investigators, who raided the London offices of BP and Shell, said the alleged price-rigging could have had a “huge impact” on the cost of oil, including the price of fuel for consumers.

The investigation into market-fixing already has echoes of the Libor scandal, which saw the banks falsely report key interest rates used to calculate mortgages. It cost several British banks hundreds of millions of pounds in fines.

Full story: http://www.telegraph.co.uk/motoring/news/10057460/Petrol-pri...




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Imagine the "GDP" numbers if

Imagine the "GDP" numbers if gas prices hadn't fallen? Secondly, anyone who reads zero hedge or epj, listens to Schiff or has any inkling of Austrian economics, knows the price, while possibly manipulated is more likely currency debasement. It's a sad fun ride were all on, anyone else like the all time highs while the economic data screams lows? We're in uncharted bubble territory, hate to sound like Marc Faber but the gloom & doom aren't far off.

Meant risen *

Meant risen *

This GDP?

http://pricedingold.com/us-gdp/

Free includes debt-free!

US Retail prices of gasoline where higher 1999-2009

http://pricedingold.com/us-retail-gasoline/

Usage was also way up. 50% used by military.

Free includes debt-free!

Failure of government to promote competitive markets.

What percentage is the government's take.

They take a big chunk and allow the public to get ripped
off.

First identify a market to protect. Second enact regulations that fail. Blame failure on lack of money ask for a bigger take.

Who get's the biggest share? Government or BP/Shell.

Who provides a useful product?

Free includes debt-free!

Price in 2000

$ 1.15 for regular unleaded.

Today's price

$3.89 for regular unleaded.

Two days ago the wires told this tale : U.S. To 'Become Largest Global Oil Producer' By 2020, 'Net Oil ...
cnsnews.com/blog/matt-vespa/us-become-largest-global-oil-producer...
“By around 2020, the United States is projected to become the largest global oil producer ... to the extent that North America becomes a net oil exporter around 2030.

We are plied with tales of woe, there are to many regulations ( 12 regional additives , including one that DOES NOT EXIST ANYWHERE ) and too few refineries. Yet they post profits in the Billions and cry me a river I'm fed up with their greed.

God Bless

Drew, by the very grace of GOD through the blood of Christ Jesus.
"there shall come after us men whom shall garner great wealth using our system, and having done so shall seek to slam the door of prosperity behind them." George Washington

I'm hoping something like gas prices will wake up the public

LIBOR kinda went over everyone's heads because most didn't know what it even was.

Gas prices affect everyone, and should spark more outrage by the commoner. Hopefully, we get some press over here to shine some light on this.

Not to mention the LIBOR connection

To both the Batman and Sandy hook shooters ( the Fathers scheduled to testify in LIBOR ).

I'm real fed up with the elite, like they care, lol.

God Bless
Stēkō

Drew, by the very grace of GOD through the blood of Christ Jesus.
"there shall come after us men whom shall garner great wealth using our system, and having done so shall seek to slam the door of prosperity behind them." George Washington