Friday, September 14, 2012

Robert Halfon MPThree cheers for Robert Halfon MP. (Pictured left) Our tireless parliamentary insider has secured a promise in The Commons that the Government will do what we've been asking them for months - find out why the price of oil has been being going up when global demand has been going down. Robert and FairFuel have held deep suspicions that recent oil prices don't reflect the dynamics of supply and demand and the shock testimony from an oil trader proves that we've been right. This is historic stuff and will hopefully blow open the previously hidden inner workings of the oil trading market. And its a complicated one. We're not saying that the high street oil majors are being devious and fixing prices, but we are worried that the slew of commodity brokers, pension funds, banks and fund managers who trade oil and futures before the stuff gets near to the pump, could be manipulating the numbers.

 

Quentin Willson, Spokesman for FairFuelUK

America, Austria and Germany are all doing the same thing and it looks like the growing body of evidence is pointing to the fact that fiddling of benchmark oil figures could have become a routine route to profit for the crude commodities industry. Robert and I believe that there's as much as $30 added to the price of oil simply by speculation. The damage that extra $30 is doing to the global economy is incalculable and the Government must to do everything it can to make sure our fragile UK economy is protected from unfair profiteering.

 

So if you've wondered if its been worth supporting Robert's and FairFuel's efforts (and so many of you have been with us from the beginning) here's your proof. Together we're slowly, but effectively, changing the mechanics of fuel duty and making oil pricing more transparent. We've also achieved one other very important success - established without doubt that the UK has a road economy that's totally dependent on fuel and to try and force people off the roads and onto a public transport system that doesn't exist is absolutely nuts, naive and economically suicidal. Watch this space.


Quentin Willson


Please please keep getting your friends, family and colleagues to sign up and support FairFuelUK




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ADD YOUR OWN COMMENTS BELOW THIS POST. THEY ARE VERY WELCOME


[ posted by Jon Bowers, 14.09.12 13:53 ]

Well done guys and girls,I've been with you from the start,and am righteously impressed with your persistence,and the constant up dates leaving no-one in doubt you actually are doing something !!!!!More than you can say for my MP Oliver Coldwell,who is pretty much a yessir that follows the party line,and afraid of making waves by representing his constituents like he was voted in to do.Keep up the good work,and a massive thank you for your efforts so far.

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[ posted by Michal Kleszcz, 21.09.12 12:53 ]

My MP, Chris Chope sent s a standard response quoting 'I will be out on other Parliamentary business and will not therefor be able to attend this debate.' As if that was sufficient. Problem is, you could put a gorrilla up for election as te Conservative MP in this constituency and they would be voted in. There's no real incentive for hm to listen or support his constituents.

Keep up the good work, someone has to do it!

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[ posted by Jim Strachan, 25.09.12 10:33 ]

Why do we always talk about miles per gallon when we buy fuel in litres at the pumps? mind you if we did still buy in gallons its almost £7 per gallon, now that is scary!!!!!!!

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[ posted by chris, 25.09.12 12:05 ]

while the price fixing by the oil companies is a big issue. we must not take our eye off the ball here, the main reason our fuel costs so much is due to the totally ridiculous amount of tax the government adds to it. as far as i can see the governments attempt to investigate the oil companies is purly an attempt to deflect the public opinion onto the oil companies, when its our government who needs to reform their ridiculous fuel duty.
cant they see that if they half the amount of tax we pay on fuel, we can spend that extra cash we have in our pockets on other things. so ultimately the government will still get their tax pound but at least we can stimulate the rest of the economy in the process

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[ posted by John Fryatt, 28.09.12 13:02 ]

Commodity brokers, fund managers, etc. clearly do buy and sell commodities, including oil, and they do it to make profit. This activity does not reallly contribute much to society in any way and if it actually harms it by increasing oil prices to the end consumer that is reprehensible. Oil price is a key thing in business costs and is expensive enough without the price being raised unnecessarily.
The idea of having the tax amount and % shown separately of fuel receipts is very good. It can't be anything but good to give more information on how the price of fuel is made up and would provide useful data for people in fuel price debates. Go for it!
JB and MK, my MP was the same, just following the party line and not actually representing her constituents at all really. She has now decided she can't be an MP and has moved to New York. Maybe our new MP will be better? (He says in forlorn hope).

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