This week's guest blogger, Raymond. J. Learsey, admires Fairfuel's noble efforts to wrestle with oil traders and the government over high fuel prices, but he calls us foolhardy. I'd prefer to call us idealistic. Fairfuel's foolish, idealistic ambition is for a world where the right of individual mobility isn't treated like a plastic chip on a roulette table. A world where speculators and vested interests are prevented from continually hiking up the price of the one commodity that's embedded in virtually everything we do and buy. And make no mistake, the Great Oil Price Scandal isn't another daft conspiracy theory dreamt up by some socialist nutter in a luke-warm bath, its real and its happening every single day.
Just look at the reasons why oil prices have to be manipulated. Russia's new economy is based on a market oil price of $117.00 a barrel, without that revenue President Putin can't deliver the economic improvements he's promised to calm his increasingly restless population. Iran needs high prices too and without them can't build their nuclear bomb, Venezuela can't build their roads and the Saudis can't buy any more gold-plated Bugatti Veyrons. These are big, dark vested interests who don't like to see the price of oil going down at all. The Chairman of Exxon Mobil admitted in an American Senate hearing that speculators routinely push the price of crude up by $30 on every single barrel. And he should know. But look at Mitt Romney, the Republican hopeful. Even though the American government admits oil speculation is out of control, Romney backs Wall Street in voting against a thorough Senate investigation because he's on the side of oil industry vested interests.
And if you want to know how easy it is to manipulate to price of crude, cast your mind back to 2008 when a single oil trader working for the commodities arm of ConAgra Foods Trading Group deliberately pushed oil past the historic $100.00 benchmark for fun. Yes really. Jokingly, he said that 'some people collect art prints, we collect price prints.' ConAgra were fined $12 million but they avoided the much more serious charge of market manipulation and escaped with the lighter charge of not making a 'bonafide trade'. Vested interests got them off the hook.
Raymond maybe right that FairFuel is tangling with some seriously powerful forces, but we're proud that the debate on oil prices has started here. And the more of you who read this, the more will understand just how serious things are. Let's call it the Oil Spring, the moment when people started to realise that the woes of the global economy are inextricably tied up with oil speculation. The moment when the Big Change started to happen. When an oil company mogul freely admits that the world is paying 30% more for for crude than we should simply because of market manipulation, then its time something was done. The exposure of the Great Oil Price Scandal began on this pages.
Please support our call for 2 inquiries into oil and fuel pricing. http://www.fairfueluk.com/call_for_enquiry.html