1 vote

BP and Shell raided in European commission price-rigging inquiry

http://www.guardian.co.uk/business/2013/may/14/bp-shell-oil-...

The London offices of BP and Shell have been raided by European regulators investigating allegations they have "colluded" to rig oil prices for more than a decade.

The European commission said its officers carried out "unannounced inspections" at several oil companies in London, the Netherlands and Norway to investigate claims they may have "colluded in reporting distorted prices to a price reporting agency [PRA] to manipulate the published prices for a number of oil and biofuel products".

The commission said the alleged price collusion, which may have been going on since 2002, could have had a "huge impact" on the price of petrol at the pumps "potentially harming final consumers".

Lord Oakeshott, former Liberal Democrat Treasury spokesman, said the alleged rigging of oil prices was "as serious as rigging Libor" – which led to banks being fined hundreds of millions of pounds.

He demanded to know why the UK authorities had not taken action earlier and said he would ask questions of the British regulator in Parliament. "Why have we had to wait for Brussels to find out if British oil giants are ripping off British consumers?" he said. "The price of energy ripples right through our economy and really matters to every business and families."

RAC technical director David Bizley said the allegations were "worrying news for motorists" who are already suffering due to the high cost of keeping a vehicle.

"Motorists will be very interested to see what comes of these raids. Whatever happens the RAC will continue to campaign for greater transparency in the UK fuel market and for a further reduction in fuel duty to stimulate economic growth."

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Walter Block on the joke that is anti-trust.

He tells it in two parts:

Joke #1

Three Soviet prisoners are sitting around comparing stories. Eventually the subject turns to what crimes they committed to end up in their predicament.

The first prisoner says, "I came to work late and they accused me of cheating the State out of my labor services.

The second prisoner says, "I came to work early and they accused me of brown nosing."

The third prisoner says, "I came to work exactly on time every day without fail, and they accused me of owning a Western wristwatch."

Joke #2

Three American prisoners are sitting around comparing stories. Eventually the subject turns to what crimes they committed to end up in their predicament.

The first prisoner says, "I charged higher prices than everyone else and they accused me of profiteering and price gauging."

The second prisoner says, "I charged lower prices than everyone else and thy accused me of predatory price cutting and cut-throat competition."

The third prisoner says, "I charged the same prices as everyone else and they accused me of collusion and cartelization."

Check out the Laissez-Faire Journal at LFJournal.com


"The State is a gang of thieves writ large." - Murray Rothbard

Today

we have the highest price for gas I have seen in my area...ever. $4.16/gal. I blew a fuse and called the spouse to rant --- how we are raped and robbed daily by these fcukers. I sure hope some real enforcement and change is beginning to roll out but, I have my cynical doubts. God we need a break from the crime for a change.

The Origin Of Oil - Leroy Fletcher Prouty Jr. Colonel

http://www.youtube.com/watch?v=stnMHgEUrnc

Uploaded on Apr 20, 2010

There's a dollar sign behind everything, nothing is accidental.
Are you getting ripped off?
Yes you are and so am I.
Scarcity is the trick.
Please listen carefully copy download upload share and teach people about this mega scam.
It's another crime against humanity.

"Give a man a gun, and he could rob a bank. Give a man a bank, and he could rob the world."