'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
Quentin
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ADD YOUR OWN COMMENTS BELOW THIS POST. THEY ARE VERY WELCOME
[ posted by James Jones, July 16, 2012 19:04 ]
Thank you Quentin, a much needed campaign. I have completed the online form.
[ posted by donnie, July 16, 2012 19:32 ]
I remember seeing a video over on Youtube around 18 months ago, where an insider from the oil speculation crowd, confirmed that they did indeed fix prices and raise prices by betting whether the price of crude would go up (never down) - and make a bundle for themselves.
There's an American guy, a pastor called Lindsey Williams.... he claims to have worked for the oil elite in Alaska on the oil pipeline, and was privy to their plans. He has numerous videos on Youtube from phone in shows and a 2hr radio spot on his blog plus archives.
So far, when he's said oil would go up - it went up!
Search him out either on Youtube or on the net.
[ posted by Alro, July 16, 2012 19:48 ]
Well done Quentin & FairFuel, it's about time a public figure had the b@lls to stand up against these greedy manipulators. I too (and many others I bet) have suspected for a long time that oil/energy prices are being moved up & down on spurious claims of 'A crisis' here or a 'disaster' there, which in reallity turn out to be nothing much.
Not too long ago there was a rumour in the news one morning that a Saudi oil pipepline had been blown up (anyone remember that? no, thought not), this was quickly denied by the Saudi Ministry and the 'news' item quickly disappeared off the bulletins. I bet you can guess what happened to oil prices in those couple of hours that the story was circulating.
I doubt anyone in Government would have the backbone to challenge these crooks. they all have their snouts in the same trough, but best of luck anyway.
[ posted by Kelvin, July 16, 2012 20:43 ]
The problem is that it's in the Government's interest for the price of fuel to be high - they get more revenue in taxes!!
[ posted by steve walker, July 16, 2012 22:14 ]
It`s time legal action was taken against the government via the European courts, surely the taxation policy relating to fuel is illegal.
it would be pointless taking action in the UK as the people running the judicial system tend to walk hand in hand with government enjoying the same millionaires lifestyle as Cameron and his cronies.
maybe cost would be an issue, however if terrorists are eligible for legal aid then surely a campaign such as this would be.
Nothing is ever achieved in this country by complaining or walking down streets waving banners, history has shown that to obtain results then robust action is needed.
[ posted by JER, July 17, 2012 7:05 ]
Also remember the supposed tanker drivers strike everyone sure made a profit then I cannot understand how the fuel can go up by five pence in one week certain traders more than others, it is the only way to shop around that costs more fuel trying to find out where these petrol stations are. Let us hope someone will have the decency to help ordinary people in this country who can now only afford to put £10 at a time in their cars.
[ posted by JER, July 17, 2012 7:05 ]
Also remember the supposed tanker drivers strike everyone sure made a profit then I cannot understand how the fuel can go up by five pence in one week certain traders more than others, it is the only way to shop around that costs more fuel trying to find out where these petrol stations are. Let us hope someone will have the decency to help ordinary people in this country who can now only afford to put £10 at a time in their cars.
[ posted by Azzy Mozzer, July 17, 2012 17:07 ]
Phil Moore at it again I see, trolling gets you nowhere.
An investigation into oil price fixing is welcome, and it looks as if the greedy speculators are trying to aim for one more big payday before the net closes in. Oil now at $103.
[ posted by Linda Weeks, July 17, 2012 19:25 ]
One wonders who this person is working for? We must fight for this investigation, people have been living off the backs of people for far too long!!
[ posted by Alro, July 18, 2012 7:00 ]
Phil, whilst it may be completey legal to speculate on all commodities, do you not think it immoral for multi-billion pound hedge funds and speculators to buy up vast reserves of oil/energy etc, and then, basically hold it to ransom until we pay what they want? Some commodities like oil/energy are also necessities to many millions of people.
Ordinary people do not have that sort of leverage and are at the mercy of these vultures.
I fully agree that dangerous ground for Quentin and Fair Fuel UK. One tends to find dark forces at work where billions of dollars are involved.
[ posted by doug wilkinson, July 19, 2012 10:43 ]
Morrissons have put up fuel by 1 pence today
[ posted by Azzy Mozzer, July 19, 2012 11:27 ]
Here we go again, the scaremongering and doom prediction has returned after another increase in the price of crude. The AA - "fuel will return to £1.40 a litre soon".
Sometimes I wonder what the AA is for. I'm surprised Brian Madderson (RMI) hasn't commented yet.