Following Libor - now oil prices may have been fiddled

[vossy]

Downing Street calls on regulator to investigate petrol price rigging
Allegations of oil price manipulation should be thoroughly investigated as millions of motorists rely on accurate petrol prices, Downing Street said today.

Libor scandal: Was the petrol price rigged too? - Telegraph

[philnicandamy]

Re: Following Libor - now oil prices may have been fiddled

Hmm now why didnt it suprise me....

[Handyman]

Re: Following Libor - now oil prices may have been fiddled

It must be going on 30 years ago I had a mate who was a radio officer in the Merchant Navy. He was on the Gulf Run on Oil Tankers. I think at one time he was working for Esso?

He told me they would wait outside the ports until the price was low before loading. Then on the homeward leg they would drift with the tide until the price hit a high before rushing into Port in the UK to sell to the highest bidder.

He told me once there were that many Tankers in the Med waiting for the price to rise it was like a traffic jam on the M25.

I heard a story a while ago about the Americans using disused Coal Mines in Kentucky to stockpile vast quantities of crude to limit the supply to the refineries?

The only thing that comes as a surprise to me is the announcement by the Government that someone may be speculating with the price of Oil.

Come on, anyone would think we fought 2 Gulf Wars went in to Afghanistan and helped out in Libya just to end Tyranny.


Regards, Handy

[vossy]

Re: Following Libor - now oil prices may have been fiddled

Come on, anyone would think we fought 2 Gulf Wars went in to Afghanistan and helped out in Libya just to end Tyranny.
Regards, Handy

I thought it was because our tone said there was WMD there - silly me

[Handyman]

Re: Following Libor - now oil prices may have been fiddled

I thought it was because our tone said there was WMD there - silly me

While it's true Chemical Ali and Sadam used Mustard Gas and Blister Agent against the Marsh Arabs. I found talk of him having Missiles that could be deployed against Europe a little far fetched.

I only discovered Black Propaganda after GW1 when a TV programme showed an interview of a Saudi Woman who said she had been raped and her family killed by Sadam's Forces.

It Later transpired that she was a member of the Saudi Royal Family living in London throughout the whole invasion.


While I honestly believe the energy market just like the financial markets are manipulated by speculators

Why the sudden revelation? Each time the price goes up so does the Exchequers share of VAT and Duty!

If the price was to drop by say 10p a litre imagine how that would screw up Osborne's figures.

Regards, Handy

[vossy]

Re: Following Libor - now oil prices may have been fiddled

Just had this on my email. Links are disabled BTW.

Dear FairFuelUK Supporter,

Many of you will be aware of the scandal engulfing the banks about fiddling the LIBOR interest rate that so much of our financial system depends on.

It seems there may be a new scandal about to break.

A report commissioned for the G20 Finance Ministers has warned that Oil traders may have fiddled the benchmark trading price of Oil. These benchmarks are used to calculate the cost of the petrol & diesel that we buy at the pump. In other words, it seems there is a possibility that Oil traders have profited from the misery caused by making petrol & diesel more expensive than they need to be. The story has appeared in the Daily Telegraph - you can read it on our blog CLICK HERE

This potential scandal comes on top of the concerns expressed by thousands of our supporters about these issues such as:

Why is diesel so much more expensive than petrol in the UK?
Why is fuel up to 7 or 8p per litre different in price between retail outlets in the same county, town or street?
Why does it seem that when Oil goes up, pump prices go up immediately - when Oil goes down, the pump price either fails to fall, or falls very slowly?
We still believe that the Government is still largely responsible for the cost of petrol & diesel. After all, it still takes about £0.80 per litre in combined fuel duty and VAT on every litre. That's more than 60% of every tank full. However, if Oil traders or the suppliers are manipulating the market at our expense this needs to be stopped.

FairFuelUK is calling for the Government to do 2 things:
Launch an investigation managed by the Financial Regulatory Authorities into whether traders or speculators in Oil have 'fiddled' the benchmark figures
Launch a separate and wider OFT (Office of Fair Trading) investigation into the entire petrol & diesel market in the UK
We need your help to demonstrate to the Government the strength and depth of feeling on this situation. So, please take part in our 'quick poll'. Simply CLICK HERE and we will take the results of the FairFuelUK supporters poll to the Government to demand action on your behalves.

Finally, now that 'the dust has settled' thanks again for your help and support in the fight to see the August 3p fuel duty rise deferred. We couldn't have done it without you!

Our campaign depends on the generous support of our backers and supporters like you. Please consider buying a sticker, some merchandise or making a regular monthly contribution CLICK HERE. We hope you'll agree that FairFuelUK has shown that 'people power' can work… with your help, we can do so much more.

Kind regards…

[Handyman]

Re: Following Libor - now oil prices may have been fiddled

Hi Voss, here's a thought for you. Only hearsay on my part because I have never kept any record. But here in our little seaside town we only have 2 filling stations. The independents were driven out years ago. If you need fuel the only other stations are Rural and each is around 15 miles away.

The 2 I refer to are the Coop (Texaco) and Morrisons. At this time of year there is nearly always a queue at the pumps, weekends you are lucky if you can get through in 20 minutes.

I just seem to find that the price in both places rises by @2p Ltr between Thursday evening and Monday morning. Tuesday its back to normal.

I think I may just keep a notebook in the car and make a note form now on.

As a final note, every so often we have a run out to Trago Mills. The owner is a well known member of UKIP. The fuel there is @8p for petrol and 10p for diesel cheaper than anywhere else in the West Country (save his other filling stations). I always make a point of putting as much in the tank as I can afford.

Regards, Handy

[vossy]

Re: Following Libor - now oil prices may have been fiddled

Hi Handy, you are right with companies cornering the weekend market as such, it shouldn't happen but..... makes you mad especially if you are a local.

[SaltnVinegar]

Re: Following Libor - now oil prices may have been fiddled

I just seem to find that the price in both places rises by @2p Ltr between Thursday evening and Monday morning. Tuesday its back to normal.

Hi Handy

I also have the good fortune of living in a tourist region and see exactly the same behaviour as you do from the local petrol stations.

With school holidays fast approaching we're bracing ourselves for the usual hike in prices that happen around here. Its usually anything between 5p-10p per litre and then (strangly ) drops by the same amount in September.

We also see it happen on bank holiday weekends and Christmas.

Very annoying as a local, as the nearest petrol station to us is then 15 miles away........

[SXGuy]

Re: Following Libor - now oil prices may have been fiddled

All this libor and oil shit is deflecting everyone away from the truth.

Look, Libor has been rigged for decades, it always has been, its the rate that banks set when they lend to each other. Banks make money from Libor rates, thats how it works, thats how its always worked.

secondly, oil, forget rigging of prices at the pump, concern yourself more with the extreemly high duty charges on it. at least 70% of it is duty.

We need to stop listening to the news propganda magnets and actually think for ourselves on what really matters.

You want change? sue our MP's or kick them out.

Rant over.

[Handyman]

Re: Following Libor - now oil prices may have been fiddled

All this libor and oil shit is deflecting everyone away from the truth.

Look, Libor has been rigged for decades, it always has been, its the rate that banks set when they lend to each other. Banks make money from Libor rates, thats how it works, thats how its always worked.

secondly, oil, forget rigging of prices at the pump, concern yourself more with the extreemly high duty charges on it. at least 70% of it is duty.

We need to stop listening to the news propganda magnets and actually think for ourselves on what really matters.

You want change? sue our MP's or kick them out.

Rant over.

Couldn't agree more SX. I have said before that whenever the Government of the day start to sabre rattle about The Financial Sector that's all it is nothing will ever change while ever you have to go Cap in Hand to the people you are publicly attacking to borrow the money you need to run the country.

Same as with fixing the bulk price of Crude. Complain too much and the producers (normally at the behest of someone in an office in Dallas) just turn the tap down.

The point I was trying to make (badly) the other day is is our current bunch of political Numpties are saying that they believe the price is being rigged, then get ready for a shock. It's all smoke and mirrors.

I can see Osborne saying well although we are putting the price up by 3p we have forced the producers to lower their price by 1p therefore I have saved you all 2p per litre

Too right it doesn't add up but we have all seen them do this before.

Regards, Handy

[SXGuy]

Re: Following Libor - now oil prices may have been fiddled

Handyman, yeah i agree with you.

Infact if i recall, we still havent had the 2p increase removed when VAT fell to 15%.

I signed a peitition at the time, to remove this increase, as it was added to cover the decrease in VAT.

It took 4 months before a response, by then Condems had got in to power, guess what their reply was?

"It was something labour introduced"

Now it might be me, but a)they are the goverment, it cant be hard to remove it and b) i dont care who put it in place, fact remains it should have been removed after vat went back up.

All you get is smoke and mirrors with any goverment, we just happen to see it more now because everything is being sped up, for the end game, whatever you believe that to be. (ill hold off giving my insight to it for now)

[vossy]

Re: Following Libor - now oil prices may have been fiddled

What also hacks me off is the fact that they put VAT on top of tax

[SXGuy]

Re: Following Libor - now oil prices may have been fiddled

Kinda Vossy.

If you pay income tax from self employment, its based on Net of VAT, if you are VAT Registered so techically, tax isnt calculated on top of VAT.

If your not VAT Registered, you would include the VAT in your expenses, so it helps to reduce the Tax due.

I guess we could call Duty a Tax though