Was the petrol price rigged too? Found this trolling on Godlike Productions, from The Telegraph/UK. Excerpts:
Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.
Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”.
Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.
Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.
They warned any efforts to rig the oil price would affect how much drivers pay at the pump, which soared to a record high of 137p per litre of unleaded earlier this year.
Robert Halfon, who led a group of 100 MPs calling for lower fuel prices, said the matter “needs to be looked at by the Bank of England urgently”.
I'm sure The Bank of England will jump right into a comprehensive investigation and get to the bottom of this Shocking! Scandal.. Uh huh.. The only thing Shocking! about this report is that people still find the idea of Oil and Gas and Gold and Silver and Interest Rate price manipulation Shocking(!). Seriously, if Speculators can affect commodities prices, don't you think that prices can be fixed on a more "institutional" level? And that price fixing has been happening for.. Forever? Also, to clarify: This is, as of now, a British financial scandal, but due to global inter-connectedness, how long do you think it'll take for these same accusations to surface in the US? A lot longer, probably, given the shitty state of American bought and paid for media, also called "The Liberal Media," by those who obviously have no fucking clue as to what is happening all around them!
Also, in case those in finance trot out the old "It was an accident, and we'll all do better next time," my "very good Internet friend" Bartcop puts it best: If you benefit from "mistakes" you keep making, can you honestly continue to call them "mistakes," as opposed to "strategy?" Not verbatim, of course, but you get the gist..
Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.
Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”.
Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.
Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.
They warned any efforts to rig the oil price would affect how much drivers pay at the pump, which soared to a record high of 137p per litre of unleaded earlier this year.
Robert Halfon, who led a group of 100 MPs calling for lower fuel prices, said the matter “needs to be looked at by the Bank of England urgently”.
I'm sure The Bank of England will jump right into a comprehensive investigation and get to the bottom of this Shocking! Scandal.. Uh huh.. The only thing Shocking! about this report is that people still find the idea of Oil and Gas and Gold and Silver and Interest Rate price manipulation Shocking(!). Seriously, if Speculators can affect commodities prices, don't you think that prices can be fixed on a more "institutional" level? And that price fixing has been happening for.. Forever? Also, to clarify: This is, as of now, a British financial scandal, but due to global inter-connectedness, how long do you think it'll take for these same accusations to surface in the US? A lot longer, probably, given the shitty state of American bought and paid for media, also called "The Liberal Media," by those who obviously have no fucking clue as to what is happening all around them!
Also, in case those in finance trot out the old "It was an accident, and we'll all do better next time," my "very good Internet friend" Bartcop puts it best: If you benefit from "mistakes" you keep making, can you honestly continue to call them "mistakes," as opposed to "strategy?" Not verbatim, of course, but you get the gist..
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