'I hesitate to say 'Told You So', but I've been yammering on about oil price manipulation in these pages for months. You can set your watch by oil speculators. As soon as they see some snippet of news that might influence the oil supply and demand model, they bet on rises, prices climb and they trouser a profit. Remember all that stuff about the Iranians threatening to block the Straight of Hormuz? Literally hours after the news broke, crude rose. And went on rising. The hedgies made a good few quid that month. Same thing with the interruption of oil supplies from Libya. Speculators bet on a shortage, prices climbed and then, the unkindest cut of all, the extra supplies released by governments to fill the supply shortfall, were bought by banks and hedge funds for a nice little earner. Then when the euro zone crisis really started to take hold and weak data from China hit the news, the banks and hedge funds baled out of their oil stocks and crude plunged to $87.00 a barrel. You don't have to be Carol Vorderman to see how this works.
But if these monkeys have been deliberately falsifying the daily price of crude to line their own pockets, then they've committed a hugely reprehensible crime that will have caused untold angst and misery to millions of hard-working families and businesses in the UK. If they've deliberately and knowingly pushed up the price of oil then they've committed a criminal fraud and should be held to account. FairFuel has spent the last two years battling to bring pump prices down and protect vulnerable UK consumers. If it does turn out that our honourable efforts have been regularly sabotaged by a bunch of city opportunists in red braces, I will be incandescent. As will most right-thinking, decent people. And if there's a bank, recognisable brand or commodity trading firm involved in this shameless fraud, then they'd better start worrying about their future. Deliberately forcing consumers to pay a profit-driven, fraudulent premium for the right of personal mobility is greed in the extreme. The public's opprobrium and disgust will be swift, relentless and last forever. No guilty brand will survive the torrent of hatred.
I want an investigation as soon as possible to see just how much alleged fraud has gone on. Its high time the largely unregulated oil market showed the world some transparency, told us about market pricing and proved that the price of a barrel of crude really is dependent on good-old-fashioned supply and demand. Anything less will be the avoidance of truth.'
Please help us to convince the Government to set up an inquiry. CLICK HERE