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